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Girnar Investment Ltd. Versus Commissioner of Income-tax - 2012 (1) TMI 10 - DELHI HIGH COURT - Income Tax

......... efore us is liable to pay interest u/s.220(2) of the Act on the amount of tax due from him on the basis of the assessment order passed u/s.143(3) on 7-10-1997. The interest is payable for the entire period on the amount of tax as computed in the assessment order, from November 1997 till the date on which it was actually paid. In computing the interest, no notice shall be taken of the fact that by virtue of the order of the CIT(A) there was a reduction of the tax liability from the date of the said order till the date on which the Tribunal restored the assessment order. However, no interest shall be charged from the assessee on the interest of Rs.2,58,993, Rs. 58,500 and Rs.26,000 allowed to the assessee under section 244A of the Act on the refunds granted to the assessee. The AO is directed to recalculate the interest in the light of our directions and recover the same from the assessee. The writ petition is disposed of in the above terms. There shall be no order as to costs.



 

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