Garden Silk Mills Ltd. vs Dy Commissioner Of Income Tax ... on 30 November, 2005
13. This Court has, in the case of Life Bond Fabrics Pvt. Ltd. (supra), held that unless the payment of advance tax is made in the manner provided for in the Act, it cannot be deemed that advance tax payment has been made. That, in order to recognize payments of tax as advance tax, it is necessary that the said tax must be paid in the financial year immediately preceding the assessment year and it must be paid in accordance with the provisions of Sections 207 to 213 of the Act. In the present case, it is an admitted position that the amount of Rs. 54,00,000/- on which the interest is claimed has been paid after the relevant financial year, hence, the same is not in the nature of advance tax as envisaged under the provisions of Section 207 to 219 of the Act.