2015 (7) TMI 780

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....ise the power of rectification under section 154 of the Income Tax Act, 1961 ? 2. Whether on the facts and circumstances of the case, the Learned Tribunal was justified in law by not holding that Section 244A of the Income Tax Act, 1961 provides for interest on refunds under various contingencies, it is only that interest provided for under the statute which may be claimed by the Assessee from the Revenue and no other interest on such statutory interest?" Briefly stated, facts and circumstances of the case, are that the Assessing Officer while passing order under section 143(3) allowed interest upon interest. He, however, sought to recall the order granting interest upon interest by resorting to proceeding under section 154 of t....

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....,71,00,320. The Department contends that the words "any amount" will not include the interest which accrued to the respondent for not refunding Rs. 45,73,528 for 57 months. We see no merit in this argument. The interest components will partake of the character of the 'amount due' under section 244A. It becomes an integral part of Rs. 45,73,528 which is not paid for 57 months after the said amount became due and payable. As can be seen from the facts narrated above, this is the case of short payment by the Department and it is in this way that the assessee claims interest under section 244A of the Income Tax Act. Therefore, on both the aforestated grounds, we are of the view that the assessee was entitled to interest for 57 months on Rs. 45,....

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....e interpretation of any provision of a statute requiring interpretation by the Supreme Court or when there is a conflict of judicial opinion on a provision of a statute between the different High Courts of India which is required to be resolved and settled by the Supreme Court. The law laid down by the Supreme Court, in our opinion, cannot be said to have retrospective operation in the sense that although a debate or doubt or a conflict of judicial opinion is resolved and settled by the Supreme Court, yet still that does not obliterate the existence of such debate or doubt or conflict that existed prior to the decision of the Supreme Court setting at rest such debate or doubt or conflict." There is still another way of looking at it. Und....