1. Leave granted.
2. The question raised before the High Court for reference was "whether, on the facts and the circumstances of the case, the Tribunal was right in holding that the assessee is entitled to interest under section 214 from April 1, 1970 to August 31, 1978, the date of the completion of the set aside assessm ent even though the regular assessment was made on December 28, 1970, in the assessee's case". There was a sharp difference of opinion among the High Courts as to the interpretation of section 214. It is very surprising that the High Court did not think that this was a question of law which should be gone into and decided by the High Court itself. In any event the controversy now stands concluded by the decision of this Court in the case of Modi Industries Ltd. v.
3. CIT (1995) 216 ITR 759. Therefore, we do not propose to send the case back to the High Court for examining the issue. We treat the question as to have been referred before this Court and we answer the question in the negative and in favour of the Revenue.
4. The appeal is allowed. No order as to costs. revisions by the competent authorities. Therefore, it is advisable to consult the official sources or legal professionals for the most up-to-date and accurate information.