Judgment ( 1. ) THIS decision rendered in this appeal shall also govern disposal of other appeals being IT Appeal No. 39 of 2002 (State Bank of Indore v. CIT) and IT Appeal No. 40 of 2002 (State Bank of Indore v. CIT), as all these appeals involve identical point and they arise between the same parties, i. e. , same assessee except the difference being that of different assessment years. ( 2. ) THIS is an appeal filed by the assessee under Section 260a of the IT Act against an order dt. 22nd March, 2002, passed by Tribunal, Indore, in ITA No. 1135/ind/1996. It was admitted for final hearing on the following substantial question of law : "whether the Tribunal erred in law in holding that no interest is payable to the appellant-assessee on the excess amount of tax deducted at source ?" ( 3. ) HEARD Shri R. T. Thanewala, learned counsel for the appellant and Shri R. L. Jain, learned senior counsel with Ku. Mandlik for respondent-Revenue. ( 4. ) THE above question involved in these appeals is in regard to payment of interest on the tax deducted at source. ( 5. ) THE issue involved in this case has got to be decided keeping in view the law laid down by Supreme Court in the case of Modi Industries Ltd. and Ors. v. CIT and Anr. . , [1995 ]216 ITR759 (SC ), JT1995 (6 )SC 549 , 1995 (5 ) SCALE362 , (1995 )6 SCC396 , [1995 ]supp3 SCR642. It is in this case their Lordships exhaustively dealt with and examined the entire issue in relation to payment of interest under Section 214 to the assessee. After examining in detail, the controversy was put to rest by laying down the following law for its implementation. This is how their Lordships concluded : "the position that emerges from the above analysis can be summarized finally as under : (i) Upto 31st March, 1975, interest under Section 214 is payable from the first day of April of the relevant assessment year to the date of the first assessment order. The amount on which the interest is to be paid is the amount of advance tax paid in excess of the tax payable by the assessee as calculated in the regular assessment (the first assessment order ). The amount on which the interest is to be paid is the amount of advance tax paid in excess of the tax payable by the assessee as calculated in the regular assessment (the first assessment order ). The amount on which interest was payable did not vary due to the reduction or enhancement of tax as a result of any subsequent proceeding. But w. e. f. 1st April, 1985, while the period for which interest was payable remained constant, the amount on which the interest was payable, varied with the variation in the quantum of refund as a result of any subsequent orders. (ii) If any tax is paid pursuant to an assessment order after 31st March, 1975 (which will include tax deducted at source and advance tax to the extent the same has been retained and treated by the ITO as payment of tax in discharge of the assessees tax liability in the assessment order), becomes refundable wholly or in part as a result of any appellate or other order passed, the Central Government will have to pay the assessee interest on the refundable amount under Section 244 (1a ). For the purpose of this section, the amount of advance payment of tax and the amount of tax deducted at source must be treated as payment of income-tax pursuant to an order of assessment on and from the date when these amounts were set off against the tax demand raised in the assessment order, in other words, the date of the assessment order. (iii) With effect from 1st April, 1985, interest payable under Section 214 will increase or decrease in accordance with the variation in the quantum of the excess payment of tax brought about by orders passed subsequent to the regular assessment as mentioned in Sub-section (1a ). " ( 6. ) WHAT we notice from para 6 of the impugned order of Tribunal is that the Tribunal did not, in our humble view, examine the issue strictly in terms of the aforesaid summary, i. e. , three guidelines contained in the case of Modi Industries (supra) nor seems to have correctly taken note of law laid down by Supreme Court. This we gather when we find only this observation of Tribunal in the impugned order on the law laid down by Supreme Court. "whether in the case of Modi Industries Ltd. and Ors. v. CIT and Anr. This we gather when we find only this observation of Tribunal in the impugned order on the law laid down by Supreme Court. "whether in the case of Modi Industries Ltd. and Ors. v. CIT and Anr. relied on by the learned senior Departmental Representative, the Honble Supreme Court has given a direct finding that no interest is at all paid on excess amount of tax collected by deduction at source ?" ( 7. ) IN our view the issue involved in appeal does not seem to have been decided by the Tribunal strictly in accordance with law laid down by Supreme Court in the case of Modi Industries (supra ). It. therefore, calls for remand to decide the same again with reference to the facts of this case keeping in view the eventual conclusion summarized by the Supreme Court quoted supra. ( 8. ) WE, thus, do not wish to go into the factual aspect of the case in each of these appeals and while allowing the appeal and setting aside of the impugned order, remand the case to the Tribunal for deciding the appeal afresh strictly in terms of law laid down in Modi Industries case (supra ). Parties are directed to appear before the Tribunal on 11th April, 2005 to enable the Tribunal to decide the appeal on merits preferably within six months as an outer limit.