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Judgment
S.P. Bharucha, J.—The question raised by the assessee reads thus :
"Whether the interest payable by the Government u/s 214(1) of the Income Tax Act, 1961, is to be calculated on the excess advance tax payment found with reference to the amount of tax determined on the first or the original assessment made by the Income Tax Officer or with reference to the amount of tax determined on the subsequent or the revised assessment made by the Income Tax Officer giving effect to the appellate orders ?"
The question has to be answered, it is agreed, in the light of the Full Bench judgment of this court in Commissioner of Income Tax, Bombay City - IV Vs. Carona Sahu Co. Ltd., . Following that judgment, the question is answered thus : The interest payable u/s 214(1) of the Income Tax Act, 1961, is to be calculated on the excess advance tax payment found with reference to the amount of tax determined on the first or the original assessment made by the Income Tax Officer.
No order as to costs.