The Commissioner of Income Tax vs The Pharmaceutical Corporation (IM)

C.N. Ramachandran Nair, J.—The question raised in the connected appeals filed by the revenue against the very same respondent is whether the Tribunal was justified in ordering payment of interest u/s 244A to the respondent for the excess assessed tax paid u/s 140A of the I.T. Act for the years 1997-98 and 1998-99. Even though senior counsel for the revenue advanced extensive arguments canvassing for the proposition that excess self-assessed tax paid u/s 140A over the assessed tax will not entitle the assessee for interest from the date of payment, we find that the issue is squarely covered against the revenue by a single Judge judgment by one of us (Ramachandran Nair, J.) in WPC No. 26052 of 2004 dated 5.12.2008. After hearing both sides and after going through the said judgment we do not find any ground to deviate from the findings rendered in the judgment. We therefore follow the said judgment and dismiss the appeal. Registry will attach a copy of the judgment in WPC 26052 of 2004 to form part of this judgment.