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TMI Blog2007 (6) TMI 69X X X X Extracts X X X X X X X X Extracts X X X X ..... he reason that the refund arose on account of payment of self assessment tax made under Section 140A. However, on appeal, the Commissioner of Income-Tax (Appeals) by order dated 29.6.2005 allowed the interest on refund and the same was confirmed by the Income-tax Appellate Tribunal in the order dated December1, 2006. 3. Aggrieved by the same, the Revenue has preferred the above appeal raising the following substantial question of law: "Whether in the facts and circumstances of the case, the Tribunal was right in holding that the assessee is entitled to interest under Section 244A as per clause (i)(b) of that section when the refund had arisen on account of payment of self assessment tax? 4. The substantial question of law ref ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount of the tax on the total income as declared in the return as reduced by the advance tax, if any, paid and any tax deducted or collected at source; (ii) under section 115WK shall be computed on the amount of tax on the value of the fringe benefits as declared in the return as reduced by the advance tax, paid, if any. (1B) For the purposes of sub-section (1), interest payable under section 234B shall be computed on an amount equal to the assessed tax or, as the case may be, on the amount by which the advance tax paid falls short of the assessed tax. Explanation:-- For the purposes of this sub-section, "assessed tax" means the tax on the total income as declared in the return as reduced by the amount of tax deducted or collected at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rised in the period from the 1st day of April of the assessment year to the date on which the refund is granted: Provided that no interest shall be payable if the amount of refund is less than ten per cent of the tax as determined under sub-section (1) of section 143 or on regular assessment; (b) in any other case, such interest shall be calculated at the rate of one-half per cent for every month or part of a month comprised in the period or periods from the date or, as the case may be, dates of payment of the tax or penalty to the date on which the refund is granted. Explanation.--For the purposes of this clause, "date of payment of tax or penalty" means the date on and from which the amount of tax or penalty specified in the notice of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... il, 1989, and subsequent assessment years. Provided that in respect of assessment of fringe benefits, the provisions of this sub-section shall have effect as if for the figures "1989", the figures "2006" had been substituted. 6. Even though the short title to Section 140A reads as Self-assessment, the charging phrase employed in Section 140A namely "Where any tax is payable on the basis of any return required to be furnished under Section 115WD or Section 115WH or Section 139 or Section 142 or Section 148 or Section 153A as the case may be; "the assessee shall be liable to pay such tax together with interest payable under any provision of this Act for any delay in furnishing the return", makes it clear that there is no difference b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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