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2015 (9) TMI 797 - AT - Income TaxEntitlement to interest u/s. 244A(1) - non granting of interest u/s.244A - assessee’s contention that the interest u/s.244A was not allowed on such refund on the reason that the assessee has not made claims originally under section 244A (2) and any delay on the part of the assessee should be excluded - Held that:- Assessee had filed its return in time,that the refund amount exceeded 10% of the tax demand, that the AO had not followed the directions of the CIT and had not recomputed the interest,that the claim about taxing the securities interest was part of the return filed by the assessee. Therefore,there was no justification on part of the AO not to grant further interest to it. As far as the order of the FAA is concerned,we would like to rely upon the decisions of South Indian Bank Limited (2010 (10) TMI 857 - Kerala High Court) and ACC Ltd.(2011 (12) TMI 350 - ITAT, Mumbai). We hold that the assessee is entitled for interest u/s.244A of the Act from first day of April of the AY. and that the AO was not justified in restricting it to the date from the order of the FAA.- Decided in favour of the assessee
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