TMI Blog2013 (12) TMI 420X X X X Extracts X X X X X X X X Extracts X X X X ..... r proceeding under this Act" - The words "other proceeding" are comprehensive enough to encompass the proceedings before Settlement Commission and consequent direction issued thereon - Decided against Revenue. - Income Tax Appeal Defective No. - 304 of 2005 - - - Dated:- 13-3-2012 - Hon'ble Ashok Bhushan And Hon'ble Prakash Krishna,JJ. For the Petitioner : S.C. ORDER Heard Shri Sham ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or interest on the refunded amount under Section 244(1A) of the Income Tax Act. The assessee under the order of Settlement Commission, the tax which was already paid by the assessee was refunded. First Appellate Authority as well as Tribunal were of the view that the assessee was entitled for interest on the refund according to Section 244 (1A) of the Income Tax Act, the entire amount of tax paid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alty and such amount or any part thereof having been found in appeal or other proceeding under this Act to be in excess of the amount which such assessee is liable to pay as tax or penalty, as the case may be, under this Act, the Central Government shall pay to such assessee simple interest at the rate specified in sub-section (1) on the amount so found to be in excess from the date on which such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 241, the Central Government shall pay interest at the aforesaid rate on the amount of refund ultimately determined to be due as a result of the appeal or further proceeding for the period commencing after the expiry of three months from the end of the month in which the order referred to in section 241 is passed to the date the refund is granted. (3) The provisions of this section shall not appl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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