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2015 (9) TMI 750 - HC - Income TaxTDS on interest u/s 194A - whether cannot be pressed in service against the State Bank of India - refund seeked with interest - Held that:- Once I.T.A.T. has opined that Section 194A(i) of the Income Tax Act is not applicable against the Bank on SRF deposit, then the same legal position would be applicable in the subsequent assessment years as well, unless of course, Section 194A(i) is amended or is substituted by any new law. Therefore, submission of Mr. Bishwajit Bhattacharya, learned Senior Counsel appearing for the petitioner Bank that amount of ₹ 97,85,38,937/- has been deleted against the assessee/Bank seems to be correct. Since, it is not within the knowledge of Revenue, as to whether order dated 03.03.2015 has been passed by the Commissioner of Income Tax (Appeals), therefore, in the peculiar facts and circumstances of the case, direct that on the applications of the petitioner seeking refund, an appropriate decision shall be taken within two weeks positively and if it is found that vide order dated 03.03.2015 amount of ₹ 97,85,37,937/- has been deleted against the assessee, amount of ₹ 44,36,57,686/- shall be refunded to the petitioner Bank along with interest as provided under Section 240 read with Section 244 of the Income Tax Act. It is, however, clarified that unless and until order passed by the Income Tax Appellate Tribunal has been stayed or set aside by the higher Forum, refund shall not be denied to the petitioner.
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