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TMI Blog2005 (5) TMI 35X X X X Extracts X X X X X X X X Extracts X X X X ..... 61 (hereinafter referred to as "the Act"): "(a) Whether, the Income-tax Appellate Tribunal was correct in law in granting the interest under section 244(1A) of the Income-tax Act to the assessee from March 28, 1988 to the date of adjustment, i.e., July 25, 1991, and thereafter again from March 28, 1988, to the date of grant of refund on the principal sum? (b) Whether, the Income-tax Appellate Tribunal has correctly interpreted the provisions of sections 237, 240, 241, 244 and 245 of the Income-tax Act?" The assessee filed its return for the assessment year 1987-88 on July 31, 1987. A sum of Rs. 3,23,68,834 was paid as self-assessment tax on September 12, 1987. The assessment was made under section 143(3) on March 28, 1988 whereby the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n objection either as to computation or as to the method or manner of imposition of interest. Therefore, such objections cannot be agitated by the assessee in an appeal. It has also been held in the case of Princess Usha Trust v. CIT [1989] 176 ITR 227 (MP) that the levy of interest is not a part of the process of assessment. Therefore, by denying the liability to pay interest under section 220(2) of the Act, the assessee cannot be held to be denying its liability to be assessed under the Act. It was further held that section 246(1)(c)[now section 246(1)(a)] cannot be held to be attracted. In the instant case, the dispute merely relates as to whether the interest is to be charged under section 220(2) for a period of four months or six month ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... und of any amount becomes due to the assessee, shall, subject to the provisions of the section, be entitled to receive, in addition to the said amount, simple interest thereon calculated in the manner specified in the section. The proviso to section 244A(1)(a) provides a restriction and states that no interest shall be payable if the amount of refund is less than 10 per cent, of the tax as determined under section 143(1) or on regular assessment. In terms of section 245, the Assessing Officer is entitled to set off refund against tax remaining payable in terms of that provision. Entitlement of an assessee to refund is regulated under the provisions of section 237 of the Act which again is qualified by the limitations provided under section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or any order till the granting of the refund excluding the period of one month. On the facts, the findings recorded by the Income-tax Appellate Tribunal are final and in any case they cannot be stated to be perverse on any ground. As far as application of law is concerned, the authorities have correctly applied the principles enunciated by the Supreme Court in the case of Modi Industries Ltd.'s case [1995] 216 ITR 759. Thus, we find no infirmity in the concurrent view taken by the appellate authorities. In view of the above discussion, we are of the opinion that no question of law much less a substantial question of law arises for consideration in the present appeal. Reference in this regard can also be made to the judgment of this court i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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