2013 (5) TMI 105

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Shri Jitendra Sanghavi ORDER Per Dinesh Kumar Agarwal, JM. :- These two Misc. Applications filed by the Revenue are directed against the common order dtd. 30-8-2011 passed by the Tribunal in ITA No. 4718 & 4719/Mum/2010 for the assessment years 1998-99 and 1999-2000. Since facts are identical and issue involved is common, both these Misc. Applications are disposed of by this common order ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....JAA(2) no interest is payable on the tax credit allowed u/s.115JAA(1). 3. It was, therefore, prayed that the order passed by the Tribunal may be recalled or modified. 4. At the time of hearing the ld. D.R. submits that for the reasons as mentioned in the Misc. Applications, the order passed by the Tribunal be modified. 5. On the other hand, the ld. counsel for the assessee submits that th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Supreme Court relied on by the Tribunal in CIT vs. Tulsyan NEC Ltd. (2011) 330 ITR 226 (SC) pertains to the chargeability of interest u/s 234A, 234B and 234C of the Act whereas the issue under consideration is payment of interest u/s 244A of the Act. Further in view of the specific proviso of section 115JAA(2) no interest is payable on the tax credit allowed u/s.115JAA(1). 7. However, we find ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....res, the tax paid by the assessee amounted to Rs. 4.24 crores after giving due adjustment for MAT credit, TDS, advance tax and self-assessment tax. The assessee was, therefore, entitled to a refund of excess tax paid for the assessment year 2000-01 over and above the tax which was computed as being due and payable. Interest under section 244A was allowable. As we have already noted, it has been st....