Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (3) TMI 575 - AT - Income TaxTP Adjustment - comparable selection - HELD THAT:- Companies functionally different with that of assessee as engaged in software services need to be deselected as comparable. Interest on refund under Section 244A(1) - HELD THAT:- We observe that the interest on refund either it can be directly given by the Department to the assessee or as in the present case, suppose if some tax liability is arising with regard to the assessee in respect of the earlier years then the interest on the refund amount if adjusted vis-à-vis those outstanding tax liability i.e. also deemed payment of interest. It has been held in the case of Avada Trading Co. (P.) Ltd. [2006 (1) TMI 465 - ITAT MUMBAI] that interest on refund under Section 244A(1) would be assessable in the year in which it is granted and not in the year in which proceedings under Section 143(1)(a) attain finality. Therefore, interest on refund whenever it is granted, it is assessable in that year itself and if it is adjusted with any prior tax liability of earlier years and such interest is in turn paid to the Government Account that also is payment of interest to the assessee, in such case, there is no need for any intimation separately. Hence, this ground of appeal raised by the assessee is dismissed.
|