Commissioner of Income Tax vs Pfizer Limited

T.D. Sugla, J.—In this departmental reference relating to the assessee''s assessment for the assessment years 1969-70 and 1970-71, the Tribunal has referred to this court only one question of law for our opinion. The question is :

"Whether, on the facts and in the circumstances of the case, the assessee was entitled to interest u/s 214 of the Income Tax Act, 1961, for each of the assessment years under consideration up to the date of the receipt of the refund order for the assessment years 1969-70 and 1970-71 by the assessee ?"

Dr. Balasubramanian, learned counsel for the Revenue, in the first instance, stated that the question is covered by a Full Bench judgement of our court in the case of Commissioner of Income Tax, Bombay City - IV Vs. Carona Sahu Co. Ltd., , in favour of the Revenue. However, Shri Irani, learned counsel for the assessee, invited our attention to our court''s subsequent judgment in the case of CIT v. Tata Chemicals Ltd., [1988] 169 ITR 314, in which, after referring to the above Full Bench judgment and the instructions issued by the Central Board of Direct Taxes in this behalf, a similar question was answered in the affirmative and in favour o of the assessee. Following the latter judgment of our court, we answer the question in the affirmative and in favour of the assessee.

No order as to costs.