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2010 (11) TMI 517 - AT - Income TaxDelay in refund - Interest u/s 244A - Rectification of mistakes - Supreme Court in the case of Sandvik Asia Ltd (2006 -TMI - 5164 - SUPREME Court) - Held that: in view of the express provisions of the IT Act, 1961, an assessee is entitled to compensation by way of interest for the delay in the payment of amounts lawfully due to the assessee which are withheld wrongly and contrary to law."In the said decision, the Hon'ble Supreme Court has further held that "interest is payment on the amount to be refunded u/s 244(1) within three months from the decision of the appellate or other authority specified in section 240 - There is no exception to the principle for an allegedly "justifiable" withholding - Decided in favour of the assessee Regarding MAT credit - Since the CIT(A) has not adjudicated the additional ground raised by the assessee; therefore, we, in the interest of justice deem it proper to restore this matter back to the file of the CIT(A) with a direction to admit the additional ground and adjudicate the same - Decided in favour of the assessee by way of remand to Commissioner
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