TMI Blog1999 (3) TMI 104X X X X Extracts X X X X X X X X Extracts X X X X ..... ounting to Rs. 89,479 on 31-12-1992. Thereafter, a revised return was filed on 29-1-1993 and a further payment of self assessment tax amounting to Rs. 4,41,799 was made on 28-1-1993. The A.O. completed the assessment on 30-3-1995. For the earlier A.Y. 1989-90, the Tribunal vide its order dated 30th September, 1996 allowed substantial relief; thus entitling the assessee to carry forward loss of Rs. 53,96,082. In pursuance of the Tribunal's order, the total income of the assessee for the A.Y. 1992-93 under appeal was reduced to Rs. nil after allowing set off of unabsorbed business loss as allowed by the Tribunal. The A.O. therefore, passed order of rectification under section 154 on 8-10-1996 granting the refund. However, the A.O. declined to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 244A(1) and no interest, therefore, is allowable on the self assessment tax paid by the assessee. 4. We have considered the rival submissions and also gone through the various authorities cited before us. Section 244A is applicable w.e.f. 1-4-1989 and provides for payment of interest in case the tax paid by the assessee by way of advance tax, TDS etc. is found to be in excess of the tax finally determined at payable by the assessee. Prior to 1-4-1989, analogous provisions for excess payment of tax were contained in provisions under section 214 as well as 244. The Hon'ble Supreme Court has interpreted the scope and ambit of the provisions contained under sections 214 and 244 (1A) in its landmark judgment in the case of Modi Industries Ltd ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e-tax Act. Deduction of tax at source or advance payment of tax or self assessment tax shall not prejudice the charge of tax levied under section 4(1). Credit for tax deducted at source will have to be given under section 199 to the assessee from whose income tax has been deducted while making the regular assessment. Similarly, section 219 provides for credit in respect of payment of advance-tax against the amount of tax determined as payable in the assessment order under section 143(3) or 144. Similarly, the provisions of section 140A(2) provide that any amount paid under section 144A(1) by way of self assessment tax shall be deemed to have been paid towards the regular assessment made under section 143 or section 144. The moment the adj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... paid from the date from which the amount of tax specified in the notice of demand issued under section 156 is paid in excess of such demand. Self assessment tax has been paid by the assessee under section 140A(1) on the basis of the total income declared in the return. So long as the self assessment tax possesses and retains the character of self assessment, there is no question of reckoning the same for the purposes of treating it as excess payment and allowing interest as envisaged under section 244A till the regular assessment is made under section 143 or 144. It is only on the date the assessment is made that the deeming fiction contained under section 144A(2) comes into play and the self assessment tax is deemed to have been paid towa ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
