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1 - 10 of 36 (0.58 seconds)Section 211 in The Income Tax Act, 1961 [Entire Act]
Section 207 in The Income Tax Act, 1961 [Entire Act]
Section 213 in The Income Tax Act, 1961 [Entire Act]
Section 218 in The Income Tax Act, 1961 [Entire Act]
Section 221 in The Income Tax Act, 1961 [Entire Act]
Calcutta Discount Company Limited vs Income-Tax Officer, Companies ... on 1 November, 1960
19. For the reasons stated above, we overrule the decision of the Division Bench of this court in Kangundi Industrial Works (P.) Ltd. v. ITO , and hold that, under sub-section (1) of section 214 of the Act, any amount paid towards advance tax during the financial year in which it is payable will have to be taken into account for arriving at the aggregate and it is sufficient if the instalment of advance tax is paid during the financial year even though not on the specified date. It is not in dispute that, in the present case, the assessee paid the further sum of Rs. 6,71,000 as advance tax during the previous year in question, i.e., by March 31, 1972. There is no provision in the Act to treat the said payment of tax as in the nature of deposit and refuse interest thereon under section 214. of the Act. The Income-tax Officer seems to have anticipated a possible contention that may be advanced on behalf of the assessee that, once the payment is accepted as payment of advance tax instalment, it would not be open to the Department to treat it as anything else for purpose of section 214 of the Act.