Avada Trading Co. (P) Ltd. v. Assistant CIT

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The Tax Publishers2006 TaxPub(DT) 1222 (Mum-Trib) : (2006) 011 (II) ITCL 0414 : (2006) 100 ITD 0131 : (2006) 104 TTJ 0083 : (2006) 006 SOT 0001 Avada Trading Co. (P) Ltd. v. Asstt. CIT, Spl. Circle 18(1) INCOME TAX ACT, 1961 Refund - Interest under section 244A -Allowability *Held: Interest on refund under section 244A(1) granted to assessee would be assessable in the year in which it was granted and not in the year in which proceedings under section 143 (1)(a) attain finality. Income-tax Act, 1961, Section 244A A.Y. :1997-98 Decision:* In favour of assessee. Case Law Analysis:E.D. Sassoon & Co. Ltd. v. CIT [1954] 26 ITR 27 (SC) (para 7), CIT v. Shri Goverdhan Ltd. [1968] 69 ITR 675 (SC) (para 9), Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363 (SC) (para 10), Pope the King Match Factory v. CIT [1963] 50 ITR 495 (Mad.) (para 10) and CIT v. Chunilal V. Mehta & Sons (P.) Ltd. [1971] 82 ITR 54 (SC) (para 13). Avada Trading Co. (P) Ltd. v. Asstt. CIT, Spl. Circle 18(1) SUBSCRIBE FOR FULL CONTENT

The Tax Publishers2006 TaxPub(DT) 1222 (Mum-Trib) : (2006) 011 (II) ITCL 0414 : (2006) 100 ITD 0131 : (2006) 104 TTJ 0083 : (2006) 006 SOT 0001

Avada Trading Co. (P) Ltd. v. Asstt. CIT, Spl. Circle 18(1)

INCOME TAX ACT, 1961

Refund - Interest under section 244A -Allowability

Held: Interest on refund under section 244A(1) granted to assessee would be assessable in the year in which it was granted and not in the year in which proceedings under section 143 (1)(a) attain finality.

Income-tax Act, 1961, Section 244A

A.Y. :1997-98
Decision: In favour of assessee.

Case Law Analysis:E.D. Sassoon & Co. Ltd. v. CIT [1954] 26 ITR 27 (SC) (para 7), CIT v. Shri Goverdhan Ltd. [1968] 69 ITR 675 (SC) (para 9), Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363 (SC) (para 10), Pope the King Match Factory v. CIT [1963] 50 ITR 495 (Mad.) (para 10) and CIT v. Chunilal V. Mehta & Sons (P.) Ltd. [1971] 82 ITR 54 (SC) (para 13).

Avada Trading Co. (P) Ltd. v. Asstt. CIT, Spl. Circle 18(1)