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2011 (8) TMI 660 - KARNATAKA HIGH COURTRefund on appeal u/s 140 - Block assessment - notice issued under section 158BC - (i) Whether the appellate authorities were correct in holding that the assessee is entitled to refund of interest collected under section 158BFA(1) of the Act when the refund is calculated applying section 240(b) of the Act? (ii) Whether the appellate authorities were correct in holding that interest under section 158BFA(1) of the Act does not form part of the liability of the assessee at the point of filing the block return? - Held That:- On the annulment of the assessment proceedings, there would be no assessed undisclosed income and assessed tax under section 158BC of the Act and when there is no assessed tax under section 158BC, consequently, interest under section 153BFA(1) of the Act would be nil. - the substantial questions of law are answered in favour of the assessee and against the Revenue.
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