TMI Blog1989 (1) TMI 356X X X X Extracts X X X X X X X X Extracts X X X X ..... 61, (hereinafter referred to as the Act), the Tribunal, Jabalpur, has referred the followed question of law to this Court for its opinion: Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in directing the ITO to allow interest under s. 244(1A) on the entire refund of ₹ 40,003 when such interest is payable only on tax or penalty? ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... interest on the entire amount of refund had to be paid to the assessee under s. 244(1A) of the Act. The Tribunal, therefore, allowed the appeal and directed the ITO to allow interest on the entire amount aggregating ₹ 40,033. Aggrieved by the order passed by the Tribunal, the Revenue sought reference and it is at the instance of the Revenue that the aforesaid question of law has been referre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the end of the month in which such order is passed, the Central Government shall pay to the assessee simple interest on the amount of refund due at the specified rate. The liability to pay interest is therefore, on the amount job refund due. In instant case, the Tribunal has found that the amount of refund due was ₹ 40.033. Under the circumstances, the Tribunal was justified in directing th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
