Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (5) TMI 437 - HC - Income TaxWithdrawal of the interest - Whether interest allowed u/s 244(1) can subsequently be withdrawn in view of creation/restoration of demand in subsequent appeal – Held that:- The interest u/s 244(IA) would be payable by taking into consideration the result of any appellate order - the AO rightly withdrew the interest which was not payable after giving the appeal effect – Relying upon On a similar issue, the Hon'ble Calcutta High Court in the case of ANZ Grindlays Bank Pl. Vs. C.I.T. [1999 (8) TMI 29 - CALCUTTA High Court] - where on completion of the regular assessment the amount on which the interest so paid under sub-sec.(1) has been reduced, the interest shall be reduced accordingly, and the excess, if any paid, shall be deemed to be tax payable by assessee and the provisions of this Act shall apply - where the tax deducted at source and advance tax paid by the assessee did not exceed the tax assessed either on regular assessment or after giving effect to the orders or the Tribunal, interest u/s 214 & 244 (IA) granted to the assessee was not due at all and had to be recovered from the assessee – no substantial question of law arises for consideration – Decided against Assessee.
|