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Assessee wins appeal for excess tax refund under section 240(b) with interest under section 244A ITAT Delhi allowed the assessee's appeal for refund of excess taxes paid. The tribunal found that the assessee was entitled to refund under section 240(b) ...
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Assessee wins appeal for excess tax refund under section 240(b) with interest under section 244A
ITAT Delhi allowed the assessee's appeal for refund of excess taxes paid. The tribunal found that the assessee was entitled to refund under section 240(b) of the Income Tax Act. The department had computed a refund of Rs. 65,99,880 but the correct refund was Rs. 73,40,257, resulting in short payment of Rs. 7,40,377. The excess payment was verified through Form 26AS showing advance tax of Rs. 33,71,360 and TDS of Rs. 44,68,604. The tribunal directed revenue authorities to refund the due amount with interest under section 244A.
Issues involved: The only issue involved in this case is according of credit of TDS to the assessee.
Assessment under section 143(3) and 263: The Assessee filed return of income for the AY 2010-11 on 01.10.2010. The assessment under section 143(3) was completed on 25.10.2012, later revised under section 263 on 15.03.2016.
Appeal before CIT(Appeals) and ITAT: Assessee appealed before CIT(Appeals) against additions made, partly allowed. Both Assessee and Revenue appealed before ITAT against the CIT(Appeals) order.
Refund of excess taxes claimed by Assessee: Assessee claimed refund of Rs. 7,40,377/- due to discrepancies in TDS and Advance Tax amounts as per Form 26AS.
Disposal of refund claim by AO and CIT(A): AO and CIT(A) rejected Assessee's claim for refund stating it was not claimed during assessment proceedings under section 143(3).
Appeal under section 154 and dismissal by CIT(Appeals): Assessee filed appeal under section 154 seeking refund, dismissed by CIT(Appeals) citing limitation under Section 154(7).
Tribunal's decision on refund claim: Tribunal held that the Assessee is entitled to refund of excess taxes paid, citing relevant sections of the Income Tax Act and a similar case precedent. Directed revenue authorities to refund the amount due to Assessee with eligible interest.
In conclusion, the Tribunal allowed the appeal of the assessee, directing the revenue authorities to refund the excess taxes paid by the Assessee along with eligible interest as per the provisions of the Income Tax Act.
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