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TMI Blog2021 (4) TMI 444X X X X Extracts X X X X X X X X Extracts X X X X ..... him to allow assessee s claim. Thus, ground no.1, is allowed. Interest u/s 234D after excluding the interest paid on refund issued u/s 143(1) - assessee preferred an alternative plea that the computation of interest under section 234D of the Act is incurred and, therefore, the interest under section 244A of the Act should be excluded - HELD THAT:- After considering the decision in case of sister concern of the assessee in Tata Communication Ltd. [ 2015 (7) TMI 529 - ITAT MUMBAI ] and Tata Power Ltd. [ 2013 (3) TMI 662 - ITAT MUMBAI ], the issue was restored to the file of the Assessing Officer with the direction that interest under section 244A needs to be excluded while computing interest under section 234D. Facts of this issue being simi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iding international telecommunication services, national long distance service within India, internet related services, Inmarsat, and other value added services. The assessee company filed its return of income electronically on 29th September 2008, declaring total income of ₹ 216,72,38,850. Subsequently, the assessee filed revised return of income electronically on 31st March 2010, declaring total income of ₹ 189,59,77,130. In the revised return of income, the assessee had claimed Minimum Alternate Tax (MAT) credit under section 115JAA of the Act aggregating to ₹ 21,43,324 which had been paid by the erstwhile VBL (since amalgamated into assessee s company w.e.f. 1st March 2007 for the assessment year 2007 08). The assessme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ile of the learned Commissioner (Appeals) to adjudicate the issue on merit. 7. Considered the rival submissions and on a perusal of the material on record, we find that the issue before us is mutatis mutandis identical to the issue decided by a Co-ordinate bench of this Tribunal in Ambuja Cements Ltd. (supra) for the assessment year 2007 08 wherein the Tribunal has decided the issue in favour of the assessee by observing as follows:- 10. Having held so, it is now necessary to examine whether the order giving effect to passed by the Assessing Officer can be held to be erroneous and prejudicial to the interests of Revenue so as to enable learned CIT to exercise power under section 263 of the Act. Undisputedly, learned CIT has exercised the po ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar 2006-07, the Assessing Officer has also concluded that carried forward MAT credit of Ambuja Cement Eastern Ltd. would be available in the hands of the present assessee. Keeping in view the assessment order passed in case of amalgamating company as well as the decisions referred to above, the principle which emerges is, the carried forward MAT credit of amalgamating company can be taken credit of by amalgamated company. Viewed in the aforesaid perspective, the decision of the Assessing Officer in allowing set off of carried forward MAT credit of ₹ 6,99,46,873, at the hands of the assessee cannot be considered to be erroneous. Therefore, one of the conditions of section 263 of the Act is not satisfied. That being the case, the exerci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... decision of this Tribunal in assessee s own case for the assessment year 2001 02 in ITA no.4221/ Mum./2005, etc., order dated 8th July 2015, a copy of which is placed on record, wherein the Tribunal following the decision of the Hon'ble Jurisdictional High Court in CIT v/s Indian Oil Corporation Ltd., 210 Taxmann 466 (Bom.) has rejected the claim of the assessee. However, the assessee preferred an alternative plea that the computation of interest under section 234D of the Act is incurred and, therefore, the interest under section 244A of the Act should be excluded. After considering the decision in case of sister concern of the assessee in Tata Communication Ltd. and Tata Power Ltd., the issue was restored to the file of the Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1,202 2,35,01,202 39,34,96,356 20,24,82,294 Less: Advance Tax paid 1,05,00,00,000 1,05,00,00,000 (65,65,03,644) (84,75,17,706) Interest Tax Add: Refund as per intimation u/s 143(1) dt. 22.03. 2010 (Re ceived on 31.03.2011) 74,40,63,870 7,97,21,124 66,43,42,746 74,40,63,870 8,75,60,226 (18,31,74,960) (10,34,53,836) Interest u/s 244A 01.04.2008 to 31.03. 2011 @ 0.5% pm for 36 months 65,65,03,644 11,81,70,656 84,75,17,706 15,25,53,187 April 2011 @ 0.5% pm for 1 month 18,31,74,960 9,15,875 (3,06,10,430) (25,69,22,898) 12. The Assessing Officer is further directed to verify the above calculation and while deciding the issue proper opportunity of hearing may be provided to the assessee. Accordingly, grounds no.2 and 3, raised are allowed for stat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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