2010 (1) TMI 263

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.... for the assessment year 1999-2000. We have heard senior counsel appearing for the appellant-Revenue and senior counsel Sri Joseph Markose appearing for the respondent-assessee. 2. During the previous year relevant for the assessment year 1999-2000 the assessee had remitted substantial amount of advance tax. However, in the return filed the assessee claimed refund of over Rs. 47 lakhs which was granted after processing the return and while sending intimation under section 143(1) of the Act. This was done on June 28, 2000. However, the assessee's case was taken up for regular assessment under section 143(3) of the Act and the Assessing Officer completed the assessment on January 22, 2004, wherein it was found that refund granted while....

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.... of section 234D stated hereunder, there is no need to consider whether the Tribunal could have granted the relief that was not subject-matter of appeal. 3. Section 234D, the scope of which is in issue, is extracted hereunder for easy reference: "234D. Interest on excess refund.-(1) Subject to the other provisions of this Act, where any refund is granted to the assessee under sub-section (1) of section 143, and- (a) no refund is due on regular assessment ; or (b) the amount refunded under sub-section (1) of section 143 exceeds the amount refundable on regular assessment, the assessee shall be liable to pay simple interest at the rate of one-half per cent. on the whole or the excess amount so refunded, ....