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2016 (1) TMI 754 - ITAT MUMBAI

2016 (1) TMI 754 - ITAT MUMBAI - TMI - Grant of interest u/s 244A - refund due to the assessee company on account of Tax deducted at source(TDS) being excess of the tax payable by the assessee company on income computed as per the Income Tax Act,1961 against which the TDS certificates were not filed by the assessee company - Held that:- Hon'ble Bombay High Court in the case of Larsen & Toubro Ltd. (2010 (6) TMI 414 - Bombay High Court ) has categorically held that the assesse is entitled to inte .....

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venue has not contradicted the same before us.

Respectfully following the same, we reject the contentions of the Revenue and dismiss this appeal by directing the AO to grant interest on refund due to the assessee company on account of excess TDS claim wef 01- 04-2004 and not from the date of submissions of TDS certificates by the assessee company - Decided in favour of assessee. - ITA No. 4236/Mum/2014 - Dated:- 23-12-2015 - Joginder Singh, JM And Ramit Kochar, AM For the Appellant : .....

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ot;the AO") u/s 244A of the Income Tax Act, 1961 on the refund due to the assessee company on account of Tax deducted at source(TDS) being excess of the tax payable by the assessee company on income computed as per the Income Tax Act,1961 against which the TDS certificates were not filed by the assessee company along with the Return of Income filed by the assessee company with the Revenue but TDS certificate of ₹ 1,95,31,217/- were filed later by the assessee company with the Revenue .....

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h the Revenue. The order u/s 154 of the Act was passed by the AO on 18-4-2011 which was challenged by the assessee company before the CIT(A) who accepted the contentions and the claim of the assessee company that the assessee company is entitled for interest w.e.f. 1st day of assessment year i.e. 1-4-2004 in the instant case in accordance with Section 244A of the Act on refund computed under the Act on account of TDS claimed by the assessee company being in excess of the tax computed to be payab .....

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"Though the TDS certificates were not submitted with the return and were filed during the course of the assessment proceedings, the Tribunal has noted that the tax was in fact deducted at source at the right time. In the circumstances, the Tribunal is correct in holding that since the benefit of TDS has been allowed to the assessee, interest under Section 244A could not be denied only on the ground that the TDS certificates were not furnished with the return of income. Tax was deducted and .....

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