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| The Tax Publishers2019 TaxPub(DT) 2831 (Mad-HC) INCOME TAX ACT, 1961
Section 244A
Since Legislature by the Act No. 4 of 1988 with effect from 1-4-1989 has inserted section 244A which provides for interest on refunds under various contingencies. Therefore, matter was remanded back to Tribunal to decide the appeal in accordance with amendment of law.
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Interest on refund - Delay in payment of refund - Eligibility -
Revenue raised an appeal before this court against order of Tribunal that whether Tribunal was right in holding that Revenue should pay interest on interest, where there was no inordinate delay in payment of refund. Held: It is only the interest provided for under section 244A which may be claimed by assessee on the refunds and no other interest can be claimed by assessee. Further, Legislature by the Act No. 4 of 1988 with effect from 1-4-1989 has inserted section 244A which provides for interest on refunds under various contingencies. Therefore, matter was remanded back to Tribunal to decide the appeal in accordance with amendment of law.
REFERRED : CIT v. Gujarat Fluoro Chemicals (2013) 358 ITR 291 (SC) : 2014 TaxPub(DT) 1540 (SC) Sandvik Asia Ltd. v. CIT & Ors. (2006) 280 ITR 643 (SC) : 2006 TaxPub(DT) 1272 (SC)
FAVOUR : Matter remanded
A.Y. :
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