TaxTMI 
TaxTMI 
2016 (8) TMI 67
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....n payment of self-assessment tax. 3. The brief facts of the case are that the assessee is a Director of SSI Limited and filed its return of income on 29.09.2008 admitting income of Rs. 94,65,23,041/- and paid taxed of Rs. 17,10,58,258/-. Subsequently the assessee filed a revised return on 11.12.2008within the time allowed u/s.139(5) of the Act declaring income of Rs. 80,14,02,042/- on which the tax payable amounting to Rs. 11,69,58,702/- resulting in a refund of Rs. 5,40,99,566/-. The assessee received a Refund Cheque on 28.10.2010 after adjusting the tax payable for assessment year 2000-01 as per assessee's request. The AO denied interest on refund on the ground that the interest arisen due to payment of self-assessment tax. Aggrieved b....
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....proof of payment of such tax and interest. Explanation.-Where the amount paid by the assessee under this sub-section falls short of the aggregate of the tax and interest as aforesaid, the amount so paid shall first be adjusted towards the interest payable as aforesaid and the balance, if any, shall be adjusted towards the tax payable. (1A) For the purposes of sub-section (1), interest payable,- (i) under section 234A shall be computed on the amount of the tax on the total income as declared in the return as reduced by the advance tax, if any, paid and any tax deducted or collected at source ; (ii) under section 115WK shall be computed on the amount of tax on the value of the fringe benefits as declared in the return as reduced by the ....
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....ection, be entitled to receive, in addition to the said amount, simple interest thereon calculated in the following manner, namely :- (a) where the refund is out of any tax paid under section 115WJ or collected at source under section 206C or paid by way of advance tax or treated as paid under section 199, during the financial year imme diately preceding the assessment year, such interest shall be calcu lated at the rate of one-half per cent. for every month or part of a month comprised in the period from the 1st day of April of the assessment year to the date on which the refund is granted : Provided that no interest shall be payable if the amount of refund is less than ten per cent. of the tax as determined under sub-section (1) of sec....
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....est shall be increased or reduced accordingly, and in a case where the interest is reduced, the Assessing Officer shall serve on the assessee a notice of demand in the prescribed form specifying the amount of the excess interest paid and requiring him to pay such amount ; and such notice of demand shall be deemed to be a notice under section 156 and the provisions of this Act shall apply accord ingly. (4) The provisions of this section shall apply in respect of assess ments for the assessment year commencing on the 1st day of April, 1989, and subsequent assessment years : Provided that in respect of assessment of fringe benefits, the pro visions of this sub-section shall have effect as if for the figures ' 1989', the figures '....