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TMI Blog2023 (6) TMI 730X X X X Extracts X X X X X X X X Extracts X X X X ..... n 244A has not been taken into account either by the AO as well as by the CIT(A). Remand back this matter to the file of the Assessing Officer for proper verification and calculation which was placed by the assessee before the Revenue authorities in consonance with Section 244A of the Act. The contentions of the assessee that the interest component should be taken first and thereafter the principal amount needs verification and the same should be verified by the Assessing Officer. X X X X Extracts X X X X X X X X Extracts X X X X ..... 17 i.e. the date of issue of refund; thus the said interest was short granted from October, 2000 to November, 2017 on Rs. 3,678/- amounting to Rs. 4,141/-. iii) In the said application, assessee also requested for additional compensation for the grant of interest u/s. 244A of the Act for the delayed period i.e. (a) interest u/s. 244A of Rs. 27,502/- from October 2000 to November 2017; (b) interest u/s. 244A of Rs. 27,502/- from December, 2017 till the date of issue of refund on Rs. 4,141/-; (c) interest u/s. 244A of the Act on Rs. 1,31,481/- which was receivable on 15.11.2017 is not issued till date i.e. from December 2017 till the date of issue of refund on Rs. 1,31,481/- 4. The Assessing Officer after taking cognisance of the rectifica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... funds issued are considered. Thus, the Ld. AR pointed out Sl. No.13 of the table which is reproduced in CIT(A)'s order and submitted that refund was issued and adjusted on 27.09.2000 amounting to Rs. 5,43,655/- was reduced as principal tax refund amounting to Rs. 1,98,330/- and interest on refund at Rs. 3,45,325/- resulting into balance refundable amount of Rs. 1,62,663/- consisting of principal refund of Rs. 3,678/- and interest at Rs. 1,58,985/- as per the Department working. The Ld. AR pointed out as per assessee's working, refund of Rs. 5,43,655/- is to be first adjusted against interest receivable i.e Rs. 5,04,310/- and balance refund i.e. Rs. 39,345/- will be adjusted against the principal refund receivable. The Ld. AR submitted that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 244A(1A) got inserted by Finance Act 2016 with effect from 01.06.2016 and is not applicable in the case of the assessee. But in the present case, the assessee is not claiming interest on interest but claiming the refund and the date on which the refund was granted and received up till that period the interest which the trust is entitled to. The contentions of the assessee was not taken into account fully and the calculation which has been done by the assessee as per Section 244A has not been taken into account either by the Assessing Officer as well as by the CIT(A). Therefore, it will be appropriate to remand back this matter to the file of the Assessing Officer for proper verification and calculation which was placed by the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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