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| The Tax Publishers2019 TaxPub(DT) 6543 (Mum-Trib) INCOME TAX ACT, 1961
Section 244A
Amount refunded by revenue had to be adjusted towards interest payable to assessee and balance, if any, could be adjusted towards tax and same did not amount to payment to interest on interest but only adjustment of refund.
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Refund - Interest under section 244A - Computation - AO computed interest under section 244A adjusting amount of refund towards tax component
AO computed interest under section 244A adjusting amount of refund towards tax component. Assessee's case was that refund had to first adjusted against interest payable and balance, if any had to be adjusted towards tax payable while computing interest under section 244A. As per AO assessee was not entitled to interest on interest.Held: Amount refunded by revenue had to be adjusted towards interest payable to assessee and balance, if any, could be adjusted towards tax and same did not amount to payment to interest on interest but only adjustment of refund.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2008-09
INCOME TAX ACT, 1961
Section 14A Rule 8D
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