Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2010 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (2) TMI 844 - ITAT, DELHIInterest on Refund - whether the refund given to the assessee is out of MAT credit or out of advance tax – Held that:- effect of MAT credit u/s 115JAA has to be first considered and the assessee is liable to pay only the balance amount as advance tax and if the assessee paid lesser amount of advance tax as compared to this amount of advance tax payable by the assessee after considering MAT credit u/s 115JAA, the assessee is liable to pay interest u/s 234B and 234C and if such payment of advance tax by the assessee is in excess then this amount of advance tax payable by the assessee then the refund is on account of excess payment of advance tax which is eligible for interest u/s 244A, refund granted to the assessee is not out of MAT credit available to the assessee but is out of excess amount of advance tax paid by the assessee. There is no dispute on this aspect that if the refund is on account of excess payment of advance tax, interest u/s 244A is allowable to the assessee as per clause (a) of sub section (1) of section 244A, appeal of the revenue is dismissed.
|