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2020 (11) TMI 226 - HC - Income TaxInterest payable u/s 244A(1) - Whether Tribunal was right in law in holding that the interest u/s 244A is not payable on the amount determined as refundable (inclusive of interest up to that date) for the period for which there was a delay in payment of the amount to be refunded? - Tribunal held there is no inordinate delay in the grant of refunds - HELD THAT:- We find that this issue regarding the adjustment of interest was not specifically considered by the CIT(A) and the Tribunal. Therefore, we are of the considered view that the matter should be remanded. Appeal is allowed, the orders passed by the CIT-A and the Tribunal are set aside only on the aspect indicated above and the matter is remanded to the CIT(A) to consider whether under explanation to Section 140A(1), it is stipulated where the amount paid by an assessee under self-assessment falls short of the aggregate amount of tax and interest aforesaid, the amount paid shall first be adjusted towards the interest payable and the balance, if any, shall be adjusted towards the tax payable.
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