Per Shri I.S. Nigam, Accountant Member - This is an appeal filed by the revenue against the order of the Commissioner (Appeals).

2. The assessee is a limited company. It paid advance tax by cheques drawn on the local banks at the counter opened in the Aayakar Bhavan for this purpose. The dates on which the cheques were tendered at the

counter, the dates of the encashment of the cheques and the amount in respect of the three instalments were as follows:

The IAC while completing the assessment did not allow interest on the excess advance tax paid. The assessee-company, therefore, moved an application for rectification of the assessment requesting the IAC to allow interest on the excess advance tax paid. The IAC, however, by order under section 154 of the Income-tax Act, 1961 (‘the Act’) held that since the advance tax instalments were paid on dates subs