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2016 (9) TMI 456 - HC - Income TaxInterest u/s.234B - whether interest should be charged on the amount after considering refund which was issued on passing intimation u/s.143(1)(a) of the I.T. Act? - Held that:- In the present case, the assessee paid advance tax aggregating ₹ 9.00 Crores for the A.Y. 199495. There was a refund of ₹ 60,22,161/, after deducting the amounts of tax payable and TDS. The Assessing Officer issued intimation u/s.143(1) of the Act and the refund was worked out at ₹ 59,38,056/. For the said A.Y., the assessment u/s.143(3) of the Act was completed on 08.01.1997. Considering the aforesaid aspects of the case, we are of the opinion that the provision of Section 234D of the Act would not be applicable in this case since the assessment was completed in January 1997. The provision of Section 234D would have applied if the assessment had been completed after 01.06.2003. In our view, the issue on hand is squarely covered by the decision of this Court in CIT v. Gujarat State Financial Services Ltd.’s case [2014 (2) TMI 1218 - GUJARAT HIGH COURT] -. Hence, the Tribunal committed serious error in law in holding that interest u/s.234B should have been charged in the present case. - Decided in favour of the assessee
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