https://www.taxtmi.com/caselaws?id=757036 ITAT Jodhpur ruled in favor of the assessee regarding incorrect interest calculation under section 234B. The tribunal held that the assessee was entitled to credit for taxes paid after the assessment year but before final demand determination when computing interest. The AO acknowledged the error in not granting tax credit while calculating interest. The tribunal directed the AO to reduce wrongly computed interest under section 234B and grant refund. Additionally, since the refund exceeded 10% of total tax demand, the assessee was entitled to interest under section 244A. Both grounds raised by the assessee were allowed. en-us Fri, 15 Mar 2024 00:00:00 +0530 Tue, 13 Aug 2024 11:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757036 ITAT Jodhpur ruled in favor of the assessee regarding incorrect interest calculation under section 234B. The tribunal held that the assessee was entitled to credit for taxes paid after the assessment year but before final demand determination when computing interest. The AO acknowledged the error in not granting tax credit while calculating interest. The tribunal directed the AO to reduce wrongly computed interest under section 234B and grant refund. Additionally, since the refund exceeded 10% of total tax demand, the assessee was entitled to interest under section 244A. Both grounds raised by the assessee were allowed. Case-Laws Income Tax Fri, 15 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757036