9911796707
TMI Blog2024 (9) TMI 204X X X X Extracts X X X X X X X X Extracts X X X X ..... h was liable for payment along with the interest. Thus, when the Revenue is collecting the demand along with the interest due to non-credit of advance tax and TDS of the assessee in the hands of TPL and denying interest u/s. 244A of the Act to the assessee is highly arbitrary. Revenue is equally liable to pay interest on the amount of refund being issued to the assessee. Accordingly, the Revenue is directed to grant interest u/s. 244A of the Act to the assessee from the date of filing of the revised return till the date of issue of refund. Appeal preferred by the assessee is allowed. - Shri T.R. Senthil Kumar, Judicial Member And Shri Narendra Prasad Sinha, Accountant Member For the Appellant : Shri Vartik Chokshi, Advocate For the Respon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 00,000/- in its ITR. The said return was processed by the CPC on 04.12.2016 and refund of Rs. 3,36,770/- as claimed in the ITR was issued. 5. By a Scheme of Amalgamation approved by Hon ble High Court, Gujarat vide order dated 14.10.2016, Solar Wind Energy undertaking of the assessee company were transferred to Torrent Power Limited (TPL). Pursuant to the same, assessee filed revised return on 16.10.2017 declaring Nil income and without claiming credit of any TDS or advance tax as claimed in the original return. The revised return was processed by the CPC on 30.03.2019 raising a demand of Rs. 19.02 Crore. The assessee filed a rectification application under Section 154 of the Income Tax Act, 1961 (in short the Act ) in this regard. Since th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the credit for the advance tax and TDS pertaining to the assessee was claimed by M/s. Torrent Power Limited in their revised return. However, the said credit was neither allowed in the hands of Torrent Power Limited nor in the hands of the assessee. Therefore, a rectification application was also filed by M/s. Torrent Power Ltd. in this regard, which was rejected by the AO of TPL vide order u/s. 154 of the Act dated 25.03.2019. It was only pursuant to that order dated 25.03.2019, the AO of the assessee had passed order under Section 154 of the Act dated 29.05.2019 allowing refund in the case of the assessee. Thus, the Ld. Counsel submitted that there was no delay on the part of the assessee and that the delay, if any, was attributable to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d on 06.06.2018 explaining that as per the Scheme of slump sale (as approved by Hon ble Gujarat High Court dated 14.10.2016), all the assets, liabilities, income and expenses of Solar Energy Wind Energy undertaking of Torrent Solargen Limited was transferred to TPL and the same was considered in the revised return filed by Torrent Power Limited. It was also clarified that TSL had not claimed any credit of advance tax and TDS pertaining to these undertaking in the revised return filed by it. In spite of this clarification, no action was taken by the CPC and the matter was apparently transferred to the Jurisdictional AO who vide order dated 25.03.2019 passed u/s. 154 of the Act denied credit of advance tax and TDS of TSL to Torrent Power Ltd. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
