2013 (10) TMI 1232

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....tition to the extent of modifying Ext.P4 order declining interest on refund of self-assessed tax and directing the Assessing Officer to grant eligible interest on refund of excess self-assessed tax paid from the date of first regular assessment and adjustment till date of refund at the rate provided under Clause (b) of Section 244A (1) of the Income Tax Act. (hereinafter referred as the Act. 2. T....

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....0,10,521/-. Since the petitioner had paid excess tax, the 1st respondent again passed an order dated 18.12.2002 determining the excess tax paid by the petitioner amounting to Rs.9,40,669/- and classifying excess tax paid under two categories. Rs.5,06,320/- paid as self-assessed tax under Section 140A and Rs.4,34,349/- as tax paid vide notice under Section 156 of the Act. The 1st respondent also al....

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....titled to interest on refund of all payments of tax in excess of actual tax found due. It is found that if any self-assessed tax paid and adjusted against the demand was later found to be refunded, then the assessee will be entitled to get interest under Section 244A (1) (b) of the Act on such excess tax adjusted against demand. Accordingly, the writ petition was allowed as stated above. 4. The l....

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.... may be, dates of payment of the tax or penalty to the date on which the refund is granted. Explanation:- For the purposes of this clause, "date of payment of tax or penalty" means the date on and from which the amount of tax or penalty specified in the notice of demand issued under Section 156 is paid in excess of such demand." The argument is that going by the explanation to Section 244A (1) (....