TMI Blog2015 (7) TMI 1123X X X X Extracts X X X X X X X X Extracts X X X X ..... ll be adjusted towards tax. - I.T.A. No. 918/Mum/2014 - - - Dated:- 22-7-2015 - Sushma Chowla (Judicial Member) And N. K. Billaiya (Accountant Member) For the Appellant : C. Naresh For the Respondent : A. K. Dhondial ORDER N. K. Billaiya (Accountant Member) This appeal by the assessee is preferred against the order of the Ld. CIT(A)-24, Mumbai dt. 1.11.2013 pertainin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee stated that an identical issue was considered by the Tribunal in assessee s own case in A.Y. 1988-89 in ITA No. 571/M/2013 and in A.Y. 2001-02 in ITA No. 574/M/2013. It is the say of the Ld. Counsel that since the issue is identical, the decision of the Tribunal in assessee s own case should be followed. 4. Per contra, the Ld. Departmental Representative could not bring any distinguishin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... payable and only the balance amount shall be adjusted against tax refundable and in this process the balance refund due would work out to ₹ 3,62,28,442/- on which the assessee is entitled to interest u/s. 244A of the Act whereas the AO calculated the balance refund due at ₹ 2,03,99,541/- (tax componednt) and ₹ 1,58,28,9901/- (interest component). Reason s for such calculation was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 140A(1) of the Act, when an assessee is duty bound to pay the outstanding tax, amount paid by the assessee shall first be adjusted against interest payable and the balance shall be adjusted against tax payable, the same procedure needs to be followed in respect of refund due to the assessee i.e. the amount shall first be adjusted towards interest payable and balance, if any, shall be adjusted t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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