The Tax Publishers2021 TaxPub(DT) 0911 (Mad-HC)

INCOME TAX ACT 1961

Section 244A

Following the decision rendered in case of Brakes India Limited v. Dy. CIT (LTU) [I.T.A. No. 758/Mds/2012, dt. 29-6-2012], the matter of entitlement to the differential claim of interest under section 244A on refund was remitted back to Tribunal to decide the matter afresh in accordance with law.

Refund - Interest under section 244A - Calculation of differential claim of interest under section 244A on refund -

Assessee filed appeal against granting of lesser interest contending that while computing the refund under section 244A, AO had omitted to consider that as per provisions of section 244A, where refund of any amount arises out of advance tax/TDS/tax paid, interest is entitled from the 1st day of April of the assessment year/date of payment to the date on which the refund is actually granted. Held: Following the decision rendered in case of Brakes India Limited v. Dy. CIT (LTU) [I.T.A. No. 758/Mds/2012, dt. 29-6-2012] the matter was remitted back to Tribunal to decide the matter afresh in accordance with law.

Followed:Brakes India Limited v. Dy. CIT (LTU) [I.T.A. No. 758/Mds/2012, dt. 29-6-2012].

REFERRED :

FAVOUR : Matter remanded

A.Y. : 2002-03



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