9911796707
TMI Blog2022 (1) TMI 955X X X X Extracts X X X X X X X X Extracts X X X X ..... e deciding identical issue, the Hon ble Supreme Court has unequivocally accepted the view expressed by appellate authorities that deduction under section 80IA has to be allowed on the gross total income. In view of the aforesaid, we are inclined to restore the issue to the file of the assessing officer for deciding assessee s claim of deduction under section 80IA of the Act following the ratio laid down by the Hon ble Supreme Court in the case referred to above. Granting interest u/s. 244A - Grant of refund - HELD THAT:- Undisputedly, order granting refund was passed by assessing officer on 09-04- 2018. Whereas, the cheque for refund was actually issued on 11-05-2018. Admittedly, there is a delay in issuing the refund cheque. A reading of s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tiles. For the assessment year under dispute, assessee filed its return of income on 28-11-2014 declaring loss of ₹ 2,27,58,89,913/- under the normal provisions of the Act and book profit of ₹ 7,93,49,65,128/- under section 115JB of the Act. Subsequently, the assessee filed a revised return of income on 15-04-2015 declaring loss at ₹ 1,91,77,39,873/-. Assessment in case of the assessee was originally completed under section 143(3) r.w.s. 144C(13) of the Act vide order dated 30-12-2016 determining the total income at ₹ 41,91,11,881/- under the normal provisions of the Act and book profit at ₹ 7,93,49,65,128/-. The variation in total income was due to certain disallowances / additions made to the total income / l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee submitted, the issue is no more res integra in view of the decision of the Hon'ble Supreme Court in case of CIT vs Reliance Energy Ltd (2021) 127 taxmann.com 69 (SC). Proceeding further, he submitted, while deciding identical issue, the Hon'ble Supreme Court has held that deduction under section 80IA has to be allowed on the gross total income which includes income under all the heads. Further, he submitted, the assessing officer in the order passed giving effect to the order of learned Commissioner (Appeals) has allowed deduction under section 80IA of the Act against gross total income. Thus, he submitted, the assessing officer be directed to allow assessee's claim following the decision of the Hon'ble Supreme Court. 5. The lea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... O of not granting interest u/s. 244A in accordance with the provisions of the Act. 2. On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in confirming the order of the learned AO in not allowing the interest u/s. 244A of the Act upto the date of issue of refund cheque in terms of binding CBDT circular No. 20D (XXII-22) dated 20.08.1968 wherein instructions have been given for calculating interest upto the date of issue of refund voucher." 9. Briefly the facts are, against the assessment order passed for the impugned assessment year, the assessee had preferred an appeal before learned Commissioner (Appeals). While deciding the appeal, learned Commissioner (Appeals) granted partial relief to the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Commissioner (Appeals) agreed with the assessing officer. He observed, since the refund has to be issued through online refund banker scheme and the amount is directly credited to assessee's bank account, the process of issuing refund takes 10 to 15 days. Therefore, since there is no delay in issuing the refund from the date of the order, assessee is not entitled to interest till the date of issuance of refund cheque. 10. We have considered rival submissions and perused materials on record. Undisputedly, order granting refund was passed by assessing officer on 09-04- 2018. Whereas, the cheque for refund was actually issued on 11-05-2018. Admittedly, there is a delay in issuing the refund cheque. A reading of section 244A(1) of the Act wo ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
