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2015 (6) TMI 569 - AT - Income TaxNon-granting of interest under section 244A of the I.T. Act on self assessment tax paid - Held that:- Hon’ble Bombay High Court in the case of Stockholding Corporation of India Vs. CIT & Ors. [ 2014 (11) TMI 899 - BOMBAY HIGH COURT] following the decision of Hon’ble Karnataka High Court in the case of CIT Vs. Vijaya Bank reported in (2011 (7) TMI 582 - KARNATAKA HIGH COURT ) and CIT Vs. Sutlaj Industries (2010 (3) TMI 449 - DELHI HIGH COURT ) has held that the assessee is entitled to interest under section 244A of the I.T. Act from the date of payment of tax on self assessment to the date of refund of the amount. Respectfully following the decision of the jurisdictional High Court, we hold that the assessee is entitled to interest under section 244A of the I.T. Act on that portion of self assessment tax paid from the date of payment of such tax till the date of refund. - Decided in favour of assessee. Interest under section 234C - Advance Tax - re-calculate the interest under section 234C - Held that:- The law is not at all clear regarding the chargeability of interest under section 234C of the I.T. Act in a case where the assessment is completed at a figure below the returned income. In our opinion, merely because the assessee has declared higher income due to some error or mistake, the assessee shall not be liable to pay interest under section 234C of the I.T. Act on the returned income when the assessed income falls below the returned income. In our opinion, the assessee should be liable to pay interest under section 234C of the I.T. Act in such a peculiar case only on the assessed income when the same is determined at a figure below the returned income. In this view of the matter, we set-aside the order of CIT(A) and direct the Assessing Officer to re-compute the interest under section 234C of the I.T. Act on the assessed income. Decided in favour of assessee.
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