2006 (7) TMI 182

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....e Tribunal in I.T.A. Nos. 5292/Delhi/2004 and 1797/Delhi/2004 pertaining to the assessment years 2002-03 and 2003-04, respectively. Since the question involved in both the assessment years is identical, we are dealing with the facts pertaining to the assessment year 2002-03. The assessee initially filed its return of income on October 31, 2002, claiming a loss of Rs. 2.13 crores. Subsequentl....

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.... According to the assessee, interest should be payable from the 1st day of April of the assessment year, which translates to April 1, 2002, until the date of payment, i.e., July 19, 2004. On the other hand, according to the Revenue, the interest was payable for the period from April 1, 2004, till July 19, 2004. The Tribunal, in the impugned order, has accepted the contention of the assessee an....

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....fund rests with the assessee, the officers of the Income-tax Department must not take advantage of the ignorance of the assessee as to his rights. Without commenting on the correctness of this reason, it only needs to be mentioned that the assessee did, in the present case, file a revised return for claiming tax credit on account of TDS well within time and as such was aware of its rights. The thi....