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        Case ID :
        Income Tax

        ITAT ruled that taxpayer is entitled to interest on refund...

        ITAT Grants Interest on Self-Assessment Tax Refund Under 244A(1)(b), Plus Additional 3% Interest for Processing Delays.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                ITAT ruled that taxpayer is entitled to interest on refund arising from excess self-assessment tax u/s 244A(1)(b), despite the specific provision 244A(1)(aa) being introduced later by Finance Act 2016. The amendment was clarificatory in nature, not restrictive. Due to 68-month delay in refund processing (December 2014 to July 2020), ITAT granted additional interest @3% per annum u/s 244A(1A), but only from June 1, 2016 (effective date of amendment) until refund date. This aligns with precedent set in Stock Holding Corporation case and Nima Specific Family Trust ruling. Taxpayer's appeal for additional interest partially allowed; revenue's appeal dismissed.
                                Note: It is a system-generated summary and is for quick reference only.
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