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TMI Blog2025 (3) TMI 463X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Revenue is dismissed. X X X X Extracts X X X X X X X X Extracts X X X X ..... id Rs. 9,53.58,500/- tax as DDT and balance of Rs. 75,04,960/- required to be refunded to the assessee. However, it was noticed that vide order u/s. 250 of the Act dated 20/01/2020, ITD software had allowed refund of Rs. 1,14,28,230/-, including interest of Rs. 2,06,168/- u/s. 244A of the Act. This resulted into excess allowance of refund of Rs. 39,23,270/-. Further, no interest u/s 244A was required to be issued to assessee as base determined refund of Rs. 75,04,960/- was less than 10% of the net tax amount. The mistake being apparent from record needs to be rectified and excess refund issued to the assessee of Rs 39,23,270/- required to be withdrawn including interest u/s. 244A of the Act for A.Y. 2010-11. 3. In this regard, notice u/s. 154 was issued and duly served upon assessee on 24/02/2021 as tax liability of the assessee is to be increased thereby giving an opportunity of being heard is given to assessee to rectify the above mistake apparent from record and submit its reply by 02/03/2021. However, assessee failed to comply in response to the aforementioned notice issued. Thus, it is presumed that assessee has no objection in response to notice issued vide dated 24/02/2021 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 60/- is less than 10% of the tax amount. 3. You contention applicable only with reference to clause (a) or clause (aa) of Sec. 244A, which specifically deals with TDS, TCS. Advance Tax or Self- Assessment Tax paid u/s 140A. 4. Proviso to Sec. 244A(1) as relied upon is not applicable to the facts of the case, which is in fact governed by the provisions of Sec. 244A(1)(h), being in any other case. The amount of Rs. 75,04,960/-as determined to be refundable to us has been so determined by the Hon'ble CIT(A) u/s. 115-0 r.w.s. 237 of the I.T. Act. Accordingly, the interest paid to us vide your appeal effect order dated 23/01/2020 was correctly granted and the same does not require any modification. 5. The Assessing Officer erred in withdrawing interest of Rs. 39,23,261/-, correctly granted to the appellant us. 244A of the I.T. Act in respect of the refund of excess Dividend Distribution Tax (DDT) paid us 115-O of Rs. 75,04,960/-, pursuant to the order of the then A.O., while giving effect to the Order passed by the Hon'ble CIT(A) in favour of the appellant, granting refund on excess DDT paid us. 115-0. 6. The A.O. had erred in law and on facts in holding that no interest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... receive, in addition to the said amount, simple interest thereon calculated in the following manner, namely :- (a) where the refund is out of any tax [paid under section 115WJ or] [collected at source under section 206C or] paid by way of advance tax or treated as paid under section 199, during the financial year immediately preceding the assessment year, such interest shall be calculated at the rate of [one-half per cent] for every month or part of a month comprised in the period from the 1st day of April of the assessment year to the date on which the refund is granted: Provided that no interest shall be payable if the amount of refund is less than ten per cent of the tax as determined [under [sub-section (1) of section 115WE or] sub-section (1) of section 143 or] on regular assessment; (b) in any other case, such interest shall be calculated at the rate of 43[one-half per cent] for every month or part of a month comprised in the period or periods from the date or, as the case may be, dates of payment of the tax or penalty to the date on which the refund is granted. Explanation.-For the purposes of this clause, "date of payment of tax or penalty" means the date on and fr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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