SABYASACHI MUKHARJI, J.

( 1 ) ON December 19, 1966, the Income-Officer, E-Ward, Companies District, Calcutta, made an assessment for the assessment year 1964-65 in respect of the petitioner. The petitioner is a public limited company. In making the said assessment the Income-tax Officer treated the petitioner as a company in which the public were not substantially interested and charged the rate of tax on that basis making an additional demand of Rs. 2,62,239. On appeal on May 4, 1970, the Appellate Assistant Commissioner held that the petitioner was a company in which the public were substantially interested and the petitioner fulfilled all the conditions laid down under Section 2 (18) (b) of the Income-tax Act, 1961. Pursuant to the order of the Appellate Assistant Commissioner on January 12, 1972, the Income-tax Officer revised the assessment and computed the amount refundable to the petitioner at Rs. 4,28,260. 40. In making the computation, however, the Income-tax Officer refused to allow interest payable on the sum paid by the petitioner and refused the claim for interest made by the petitioner under Section 214 and Section 244 of the Income-tax Act, 1961. The said computatio

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