TMI Blog2021 (3) TMI 731X X X X Extracts X X X X X X X X Extracts X X X X ..... of both sides were in agreement that the issue in dispute is covered by the order of Co-ordinate Bench of Income Tax Appellate Tribunal, Delhi in assessee s own case [ 2020 (9) TMI 1045 - ITAT DELHI] wherein held having gone through the specific provisions of the Act, pertaining to computation of interest u/s 244A(1)(a) and Sec. 244A(1)(b) as well as Sec. 234A, Sec. 234B Sec. 234C, we hereby hold that the rule of collection of interest on the taxes due from the taxpayer would be applicable in the comparable way while paying interest to taxpayer on the refund. We direct the Assessing Officer to allow interest under Section 244A of I.T. Act to the assessee to the entire month even when payments / adjustments were made on the last day o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of hearing. ITA No.- 471/Del/2014 1.0 That the CIT (Appeals) has erred on facts and in law in rejecting the appeal filed by the Appellant without giving any finding on the legal grounds raised by the Appellant. 2.0 That the CIT (Appeals) erred on facts and in law in confirming the action of the assessing officer in not granting interest under section 244A of the Income tax Act, 1961 ( the Act ) on the amount of refund, being the excess of tax liability on the assessed income over the taxes paid under section 143(1) of the Act. 3.0 That the CIT (Appeals) erred on facts and in law in concluding that for giving effect to the provisions of section 244A(3), the limitation as per the proviso to 244A(1)(a) of the Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n completed ? 3. That the order of the Ld. CIT(A) is erroneous and is not tenable on facts and in law. 4. That the grounds of appeal are without prejudice to each other. 5. That the appellant craves leave to add, alter, amend or forgo any ground(s) of appeal either before or at the time of hearing of the appeal. ITA No. 602/Del/2014 1. Whether on the facts and circumstances of the case in law, the Ld. CIT(A) erred in directing the A.O. to give refund of ₹ 3,20,87,719/- to the assessee without either verifying the records of allowing the A.O. an opportunity to explain? 2. Whether on the facts and circumstances of the case in law, the Ld. CIT(A) erred in directing the A.O. to give refund o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see on the last day of the month. Vide ITA Nos. 600/Del/2014, 601/Del/2014 and 602/Del/2014 for Assessment Years 1995-96, 1996- 97, and 1997-98 respectively filed by Revenue against the aforesaid impugned appellate orders of the Ld. CIT(A); this direction of the Ld. CIT(A) has been disputed on the ground that payments of tax / adjustments were made on the last day of the month. Revenue is of the view that for constituting part of the month, at least one day should have been completed and a few hours of the day do not constitute part of the month. At the time of hearing before us, the representatives of both sides; namely Ms. Paramita M. Biswas, Commissioner of Income Tax (Departmental Representative) from Revenue s side and Shri Ajay Vohra, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... held that the assessee who pays tax on 31.01.2003 at 23.59 hrs. and eligible to refund of tax, would be entitled to interest for the month of January. 67. Having gone through the specific provisions of the Act, pertaining to computation of interest u/s 244A(1)(a) and Sec. 244A(1)(b) as well as Sec. 234A, Sec. 234B Sec. 234C, we hereby hold that the rule of collection of interest on the taxes due from the taxpayer would be applicable in the comparable way while paying interest to taxpayer on the refund. 68. Hence, we hold that the assessee is eligible for interest on the, (i) Amount of ₹ 30,00,00,000/- paid on 31.01.2003 is eligible for interest for the month of January. (ii) Amount of ₹ 25,00,00,000/- p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee has sought rectification of the errors committed by the Assessing Officer in computing interest under Section 244A of I.T. Act. At the time of hearing before us, representatives of both sides; namely Shri Ajay Vohra, Sr. Advocate, Shri Aditya Vohra, Advocate and Ms. Somya Jain, C.A. (Authorized Representative) for the assessee and Ms. Paramita M. Biswas, Commissioner of Income Tax (Departmental Representative) from Revenue s side were in agreement that the matter regarding computation of interest under Section 244A of I.T. Act should be restored to the Assessing Officer for fresh computation of interest under Section 244A of I.T. Act, allowable to the assessee. In view of the foregoing, and as both sides has agreed to this, we resto ..... X X X X Extracts X X X X X X X X Extracts X X X X
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