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2010 (2) TMI 215 - HC - Income TaxRefund- Interest on refund- The petitioner, a civil contractor assessed to income-tax, filed a belated return of income on September 8, 1997, for the assessment year 1995-96 declaring income of Rs. 50,240 and claiming refund of Rs. 2,41,505 being tax deducted at source, though March 31, 1997, was the last date for filing the belated return under section 139(4) of the Income- tax Act, 1961. Held that- allowing the petition, that the petitioner had made a belated claim for refund on Sep. 8 1997 along with an application to condone the delay filed on sep. 21, 1998 and this was required to be considered by the Board under section 119(2)(b) of the Act. In fact Instruction No. 12 of 2003 dated 30.10.2003, makes the instruction inapplicable to a belated claim for refund prior to assessment year 1996-97. In other words, the condition denying interest on the claim for refund made belatedly was not applicable to the petitioner’s application to condone the delay. The petitioner claim for refund of Rs. 2,41,505 was required to be considered by the Board on the basis of the law as it then existed.
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