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TMI Blog2015 (2) TMI 73X X X X Extracts X X X X X X X X Extracts X X X X ..... lf assessment is accepted under Section 16(1) itself. If the benefit of interest on refund is confined only to cases where an order is passed by the Assessing Officer and a consequent demand is made from the assessee, then it would have the effect of depriving that benefit to a person who has volunteered and filed the return on self assessment. Such a restrictive interpretation is not contemplated under sub-section (4B) of Section 34A of the Act. - ground to interfere with the judgment passed by the Single Judge. - Decided against Revenue. - W.A.Nos.535, 550, 990, 991, 992, 993, 994, 999, 1011, 1030, 1032, 1119, 1121, 1146, 1231, 1232 &1251 OF 2012 - - - Dated:- 17-12-2014 - K.T.SANKARAN P.D.RAJAN, JJ. FOR THE APPELLANT : ADV. SRI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ingly, the Assessing Officer gave effect to the appellate orders and ordered refund of wealth-tax paid by the assessee in excess of the tax assessed. The claim of the assessee for interest on refund was rejected by the Assessing Officer, which was confirmed by the Commissioner in Revision. The order passed by the Commissioner was under challenge in the Writ Petitions. As stated earlier, the Writ Petitions were allowed holding that the assessee was entitled to interest on refund of tax paid in excess. 5. Section 14 of the Wealth-Tax Act mandates furnishing of return by the assessee setting forth particulars of net wealth and such other particulars as may be prescribed. Section 15 of the Wealth-Tax Act provides for furnishing of revised re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. Similarly, if the assessee has overpaid the tax, it shall be refunded to the assessee and an intimation to that effect shall be sent to him. The scheme of the Act is for prompt consideration of self assessment and demand of short- payment or refund of excess. 7. Chapter VIIA of the Wealth-Tax Act, 1957 deals with refunds. Sub-section (4B) of Section 34A of the Act reads as follows: 34A. Refunds.-- .......... (4B) (a) Where refund of any amount becomes due to the assessee under this Act, he shall, subject to the provisions of sub-section, be entitled to receive, in addition to the said amount, simple interest thereon calculated at the rate of one-half per cent for every month or part of a month ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... him to pay such amount; and such notice of demand shall be deemed to be a notice under section 30 and the provisions of this Act shall apply accordingly. (d) The provisions of this sub-section shall apply in respect of assessments for the assessment year commencing on the 1st day of April, 1989, and subsequent assessment years. 8. The contention raised by the Revenue is that in view of the Explanation to clause (a) of sub-section (4B) of Section 34A, the liability to pay interest would arise only in a case where a notice of demand was issued under Section 30 of the Act. If this contention is accepted, payment of interest will have to be restricted to only cases where a notice of demand was issued under Section 30 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e-condition does not arise at all. In short, the claim for interest cannot be defeated in the case on hand by seeking aid of the Explanation referred to above. 9. With respect to refund and interest payable on refund, the nature of assessment is not very relevant. The assessee may submit return on self assessment. Some others may submit return belatedly. Yet some others may not file it at all. In some cases scrutiny becomes necessary. But in some other cases, scrutiny as provided under Section 16(2) does not arise since the self assessment is accepted under Section 16(1) itself. If the benefit of interest on refund is confined only to cases where an order is passed by the Assessing Officer and a consequent demand is made from the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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