Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
The assessee claimed additional interest u/s 244A(1A) for the delayed refund. The AO incorrectly adjusted the refund against the tax component instead of first adjusting it against the interest component. The Tribunal held that the refund should be first adjusted against the interest component, following the principles of equity and fairness, as applied when collecting taxes. The Tribunal relied on the decisions in Tata Sons Pvt. Ltd. and Nirma Ltd., emphasizing consistent and fair treatment by the revenue. The AO was directed to re-compute the interest u/s 244A by first adjusting the refund against the interest component and then against the tax component, and grant additional interest u/s 244A(1A) for the period from 01.06.2016 to 05.07.2017. The assessee's appeal was partly allowed.
The assessee claimed additional interest u/s 244A(1A) for the delayed refund. The AO incorrectly adjusted the refund against the tax component instead of first adjusting it against the interest component. The Tribunal held that the refund should be first adjusted against the interest component, following the principles of equity and fairness, as applied when collecting taxes. The Tribunal relied on the decisions in Tata Sons Pvt. Ltd. and Nirma Ltd., emphasizing consistent and fair treatment by the revenue. The AO was directed to re-compute the interest u/s 244A by first adjusting the refund against the interest component and then against the tax component, and grant additional interest u/s 244A(1A) for the period from 01.06.2016 to 05.07.2017. The assessee's appeal was partly allowed.
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