9911796707
TMI Blog2012 (7) TMI 435X X X X Extracts X X X X X X X X Extracts X X X X ..... the facts and in the circumstances of the case and in law the CIT(A) had grossly erred in not appreciating and understanding the assessee's claim of refund legally due to the assessee comprising of principal amount of tax refund of Rs. 3,70,364/- due since august, 2003 and the unpaid interest of Rs. 111,090/- due to the assessee since August, 2003 along with interest on non refunded tax and interest due to the assessee in accordance with the provisions of section 244A of the Act. 2. That on the facts and circumstances of the case and in law, the CIT(A) had grossly erred in not directing the Assessing Officer to grant refund legally due to the assessee in respect of principal amount of tax refund of Rs. 370,364/- due since August, 2003 and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... years. The Assessing Officer vide order dated 31.3.2005 passed rectification order u/s 154 in respect of both years. However, the application for rectification was disposed off by stating that there is no mistake apparent from record and therefore, the assessee's application for rectification is rejected. While disposing off order u/s 154, the Assessing Officer referred to the Hon'ble Supreme Court judgment in the case of CIT v. Amalgamation Ltd. reported in 232 ITR 318 and stated in the order that interest was allowed to assessee to the date of original assessment. 3. Aggrieved, the assessee filed appeal before Ld CIT(A) and made following submissions:- 1) That the judgment of Apex Court quoted by the Ld Assessing Officer is related to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year up to and including assessment year 1988-89 and that of section 244A of the Act applicable in respect of assessment year 1989-90 and thereafter." ------------------ ------------------ The unpaid interest u/s 244A of the Act therefore cannot qualify for getting further interest under that section. 5. Aggrieved, the assessee filed appeal before this Tribunal. 6. The Ld AR argued that assessment order u/s 154 dated 31.3.2005 for both the years clearly states that assessee was granted interest up till the date of original assessment in accordance with decision of Supreme Court in the case of CIT v. Amalgamation (supra). He further argued that the said decision of the Hon'ble Supreme Court pertain to grant of interest u/s 214 which was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d has calculated the interest up to completion of original asset which is not correct as w.e.f. 1.4.,1989, the refund has to be paid in accordance with section 244A of the Act which reads as under:- a) Where the refund is due of any tax paid u/s 115WJ or collected at source u/s 206C or paid by way of advance tax or treated as paid u/s 199 during the financial year immediately preceding assessment year such interest shall be calculated @----for every month or part of a month comprised in the period from the Ist day of April of assessment year to the date on which the refund is granted. b) In any other case such interest shall be calculated @-----for every month or part of a month comprised in the period or period from the date or as the ca ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
