9911796707
TMI Blog2024 (8) TMI 925X X X X Extracts X X X X X X X X Extracts X X X X ..... ate was 30/09/2006. The returned income was Nil but the payment received from Standard Charterd Bank were considered as payments for royalty and fees for technical services. These additions were deleted by the Tribunal and while giving effect to this order of the Tribunal, interest u/s 244A of the Act was granted to the assessee. Subsequently, assuming jurisdiction u/s 154 AO was of the opinion that a mistake has crept on record while giving effect to the order of the Tribunal, by which erroneously excess interest on refund u/s 244A of the Act was granted to the assessee for the 22 months period from April, 2006 to January, 2008. The proposed amendment is to take effect from 01/06/2016 whereas the return of income has been filed by the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... les, 1963. 4. Briefly stated the facts of the case are that, for the AY under consideration, the assessee filed its return of income on 08/01/2008, when the due date for filing the return was 30/09/2006. The returned income was Nil and the tax deducted at source by the payer was claimed as refund. The returned income was not accepted by the AO who made additions and the quarrel travelled up to the Tribunal and the Tribunal decided the issue in favour of the assessee and against the revenue. 5. While giving the appeal effect of ITAT s order dt. 24/07/2017, interest u/s 244A of the Act was granted to the assessee from 01/04/2006 to 31/07/2017. 6. Assuming the powers conferred upon him by the provisions of Section 154 of the Act, the AO was of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... O has rightly withdrawn the interest from the due date of filing of the return till the date of return filed. 8. We have given a thoughtful consideration to the orders of the authorities below. It is not in dispute that the assessee filed its return of income on 08/01/2008 when the due date was 30/09/2006. The returned income was Nil but the payment received from Standard Charterd Bank were considered as payments for royalty and fees for technical services. These additions were deleted by the Tribunal vide its order dt. 09/02/2017 and while giving effect to this order of the Tribunal, interest u/s 244A of the Act was granted to the assessee. 8.1. Subsequently, assuming jurisdiction u/s 154 of the Act, the AO was of the opinion that a mistak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... beyond the time prescribed under sub-section (5) of section 153, the assessee shall be entitled to receive, in addition to the interest payable under subsection (1) of section 244A, an additional interest on such refund amount calculated at the rate of three per cent per annum, for the period beginning from the date following the date of expiry of the time allowed under sub-section (5) of section 153 to the date on which the refund is granted. It is clarified that in cases where extension is granted by the Principal Commissioner or Commissioner by invoking proviso to sub-section (5) of section 153, the period of additional interest, if any, shall begin from the expiry of such extended period. These amendments will take effect from 1st day ..... X X X X Extracts X X X X X X X X Extracts X X X X
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