2012 (9) TMI 725

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... income declaring total income at Rs. Nil under normal provision and book profit of Rs.18,47,765/- u/s. 115JA. The assessment was completed u/s. 143(3) under the normal provisions at Rs. Nil and book profit was assessed at Rs.1,04,77,550/- under section 115JA. The assessee filed an appeal before the Ld. CIT (A) on 28-01-2010 by virtue of which the income was computed at Rs. Nil under normal provisions and the book profit was determined at Rs.Nil u/s. 115JA.While reviewing the order giving effect of the order of Ld. CIT (A) the assessee noticed certain mistakes for which rectification application u/s. 154 was made. Vide rectification order u/s.154 full credit of interest claimed u/s. 244A by the assessee was not given for the reason that the .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... s entitled to interest u/s. 244A on the excess of self assessment tax paid u/s.140A. In its submissions the Ld. A.R. also relied on the following decisions - a) Cholamandalam Investments & Finance Co. Ltd. (294 ITR 438(Mad.) b) Sutlej Industries Ltd. 325 ITR 331 (Del) c) Grindwell Norton Ltd. 100 ITD 245 (Mum) d) Hooghly Mills Co. Ltd., (69 ITR 75 (Cal) e) Royal Bank of Scotland (138 TTJ 698 (Kol.) He further submitted that the co-ordinate Bench in the case of DCIT vs. Nima Specific Family in ITA No.473/Ahd/2009 decided on 10-3-2011 has upheld the order of CIT (A) wherein the Ld. CIT (A) had held that assessee is entitled to interest u/s. 244A on self assessment tax payments. He thus urged that the A.O. be directed to grant interest u .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... in furnishing the return", makes it clear that there is no difference between (i) the tax paid under section 115WJ, which deals with advance tax in respect of fringe benefits; or (ii) the tax collected at source under section 206C ; or (iii) any tax paid by way of advance tax or any tax treated as paid under section 199, which deals with credit for tax deducted, which are provided under section 244AZ(1)(a). The proviso to section 244A(1)(a) makes it clear that no interest shall be payable if the amount of refund is less than 10 per cent. On regular assessment with regard to the refund of advance tax paid under section 115WJ in respect of fringe benefits; (ii) the tax collected at source under section 206C; and (iii) advance tax or any tax t .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X