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2014 (6) TMI 836 - ITAT MUMBAIDisallowance of interest – Applicability of Rule 8D of the Rules – Investment in shares – Held that:- CIT(A) was of the view that a disallowance has to be made in accordance with the provisions of rule 8D(2)(iii) - nothing is borne out from the record that which are the expenses which do not have any bearing or cannot be said to be attributable for earning of exempt income and which expenses are directly relatable to other business activities - In the absence of details, the formula prescribed under rule 8D(2)(iii), has to be applied - provisions of rule 8D is applicable from the AY 2008–09 – thus, the order of the CIT(A) is upheld – Decided against Assessee. Grant of interest u/s 244 of the Act - Self–assessment tax paid – Held that:- Self–assessment tax is payable on the income shown in any return of income required to be furnished under various provisions of the Act, after taking into account, the amount of tax, if any, paid earlier which can also include advance tax - the self–assessment tax includes any amount of tax which has already been paid under the provisions of the Act - the assessee has paid the tax for the purpose of its taxable income for the AY 2008–09, in the month of July 2008 - due date for filing the return of income was 30th September 2008 - If the tax has been paid prior to the date of filing of return of income, then it has to be construed as amount of "tax already paid" as contemplated in clause (i) of sub–section (1) of section 140A. The tax paid by the assessee for a sum of Rs. 4.50 crores, is nothing but tax paid under self–assessment tax for the purpose of section 140A and once that is so, the assessee is entitled for interest under section 244A – Relying upon Commissioner of Income-tax Versus Vijaya Bank [2011 (7) TMI 582 - KARNATAKA HIGH COURT] – thus, the assessee is entitled to refund of self–assessment tax along with the interest u/s 244A, which is to be calculated from the date of payment of tax till the date of refund – Decided in favour of Assessee.
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