1989 (1) TMI 356

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.... G.G. SOHANI, AG., CJ.:- By this reference under s. 256(1) of the IT Act, 1961, (hereinafter referred to as the Act), the Tribunal, Jabalpur, has referred the followed question of law to this Court for its opinion:                "Whether on the facts and in the circumstances of the case, the Tribunal was justified in la....

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....t on the excess amount of tax only and this order was affirmed on appeal by the AAC. On further appeal, the Tribunal held that interest on the entire amount of refund had to be paid to the assessee under s. 244(1A) of the Act. The Tribunal, therefore, allowed the appeal and directed the ITO to allow interest on the entire amount aggregating Rs. 40,033. Aggrieved by the order passed by the Tribunal....

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....e in pursuance of an order referred to in s. 240 and the ITO does not grant the refund within a period of three months from the end of the month in which such order is passed, the Central Government shall pay to the assessee simple interest on the amount of refund due at the specified rate. The liability to pay interest is therefore, on the amount job refund due. In instant case, the Tribunal has ....