The Cit v. M/S.icici Ltd

( 1 ) IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.494 OF 2002 INCOME TAX APPEAL NO.494 OF 2002 The CIT .. Appellant Vs. M/s.ICICI Ltd. .. Respondent Mr.Vimal Gupta for the Appellant. Mr.S.J.Mehta for the Respondent. CORAM :- DR.S.RADHAKRISHNAN & S.J.KATHAWALLA, JJ. CORAM :- DR.S.RADHAKRISHNAN & S.J.KATHAWALLA, JJ. DATE : 28th August, 2008 DATE : 28th August, 2008 P.C. P.C. 1. Heard the learned Counsel for the parties. This Appeal has already been admitted on the question of law mentioned in the order dated 31.8.2004 which reads as under:- "Whether on the facts and in the circumstances of the case, the Tribunal was right in law in confirming the order of the CIT(A) in directing the Assessing Officer to grant interest under Section 214 and 244(1A) in the order passed under Section 154 till the date of granting of actual refund? " 2. Both the learned Counsel for the parties are agreeable for addition of the words "and/or" in the aforesaid question of law after the wording "underSection 214", and hence after adding the aforesaid words "and/or" in the aforesaid question of law, the said question would read thus:- "Whether on the facts and in the circumstances of the case, the Tribunal was right in law in confirming the order of the CIT(A) in directing the Assessing Officer to grant interest under Section 214 and/or ( 2 ) 244(1A) in the order passed under Section 154 till the date of granting of actual refund? " 3. The learned Counsel for the parties categorically state that the aforesaid question of law (which is reproduced hereinabove after adding the words "and/or") is squarely covered by the judgment of the Supreme Court 216 ITR 759 - Modi Industries Limited &Ors. V/s.CIT & Another, in favour of the Assessee and in the case of 216 ITR 759 - Modi Industries Limited & Ors. V/s.CIT & Another, against the Revenue. Accordingly, the said question of law which is reproduced hereinabove after adding the words "and/or", is answered in favour of the Assessee and against the Revenue. 4. We also clarify that Section 214 and Section 244(1A) cannot be simultaneously applied. 5. Appeal stands disposed of. (S.J.KATHAWALLA, J.) (DR.S.RADHAKRISHNAN,J.) (S.J.KATHAWALLA, J.) (DR.S.RADHAKRISHNAN,J.)