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Income Tax - Highlights / Catch Notes

Home Highlights October 2013 Year 2013 This

Interest u/s 214 and 244 - Interest on interest for late grant ...

Income Tax

October 4, 2013

Interest u/s 214 and 244 - Interest on interest for late grant of refund - it is only that interest provided for under the statute which may be claimed by an assessee from the Revenue and no other interest on such statutory interest - SC

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  2. Refundable amount utilized by the Department hence interest was payable under Section 244(1A) - SC

  3. Withdrawal of the interest - Whether interest allowed u/s 244(1) can subsequently be withdrawn in view of creation/restoration of demand in subsequent appeal - Held yes - HC

  4. Interest on refund u/s 244(1A) - The reading of Sections 237, 240 and 244(1A) casts a duty on the Assessing Officer to charge that much of tax which the assessee is...

  5. Refund of SAD - payment of interest on late refund of SAD - Interest would be payable in terms of Section 27A of the Customs Act on refund of SAD - HC

  6. Whether Withdrawal of refund u/s 244(1A) can be made by rectification u/s 154 – Held yes - HC

  7. Power of AO to withdraw the interest granted u/s 244 by way of rectification of mistake u/s 154 - Interest u/s. 244 could not be withdrawn in absence of clear cut...

  8. Claim of interest u/s 214 - claim of the assessee is for payment of compensation on account of the delay in payment of the interest amount - claim allowed - HC

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  10. Section 214 does not provide for payment of compensation by the Revenue to the assessee in whose favour a refund order has been passed - SC

 

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