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2022 (9) TMI 409 - AT - Income TaxValid intimation u/s 245 - Determination of interest u/s 244A - Adjustment of refund and interest determined u/s. 244A against outstanding demand - whether assessee has been informed by the Assessing Officer while granting refund u/s. 245, the break-up of the details of the refund and interest determined u/s. 244A of the Act and how the same have been adjusted against the outstanding demand in assessee’s case? - HELD THAT:- It is seen on record that the AO has not intimated what is the interest determined u/s. 244A of the Act relevant to the Assessment Year 2001-02. Similarly for the AY 2002-03 only during the assessment proceedings for the Assessment Year 2008-09 this break up was shown to the assessee by way of a show cause notice so the same cannot be treated as a proper disclosure by the Assessing Officer as required u/s. 245 - When the assessee have bonafidely has shown this interest income and offered in the Assessment year 2011-12 for taxation the same cannot be ignored. The Bombay High Court judgment [2009 (11) TMI 491 - BOMBAY HIGH COURT] referred by the Ld. CIT(A) is in the context of chargeability of interest u/s. 234B of the Act, the same is in no way relevant to the issue in hand before us. Therefore the addition made by the assessing officer without properly issuing intimating u/s. 245 is liable to be deleted. Thus, the grounds of appeals raised by the assessee is hereby allowed.
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