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2021 (7) TMI 215 - AT - Income TaxInterest u/s.244A - whether assessee is entitled for additional interest as per the provisions of section 244A(1A) ? - HELD THAT?:- As decided in NIMA SPECIFIC FAMILY TRUST VERSUS ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 5 (2) [2018 (10) TMI 441 - GUJARAT HIGH COURT] assessment year for which the claim for additional interest u/s. 244(1A) of the Act was made is 2004-05. The Hon'ble High Court after analyzing provisions of section 244(1), 244(1A) and section 153 of the Act held that the claim for additional interest cannot be granted for the periods under provisions of section 244A[1A] and 153A of the Act when the same were not in the statute book at all i.e., prior to 01.06.2016. Provisions of section 244A (1A) would apply only prospectively w.e.f 01.06.2016 and hence additional interest would be eligible only from that date and not from 01.04.2016. As the Hon'ble High Court has imposed caveat explaining the circumstances under which the additional interest can be granted u/s. 244A[1A] of the Act, we are of the view that this matter should go back to the file of the Assessing Officer for examining the facts of the assessee in the present appeals and for application of the ratio of decision in view of the observations of their lordships on applicability of the additional interest to the present appeals.
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