2019 (9) TMI 1191

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....at ld. CIT(A) has erred in law and on facts in directing the A.O. to compute the interest u/s. 244A of the Act on self assessment tax without appreciating the fact that no interest u/s. 244A of the Act is allowable on the refund due to the assessee on the self-assessment tax. 2. Since facts and circumstances and issues are common in both the appeals only figures and assessment years are different, therefore, for the sake of convenience, we would like to dispose of both the appeals by way of a common order. 3. The facts of the case are as emanates from the A.O. Order: In this case, the assessee has filed rectification application dated 18/06/2016 by stating that there is refund of Rs,4,35,55,33,105/- with interest u/s 244A of ....

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.... of tax paid becomes refundable along with interest as per the calculation already submitted." The submission of the assessee is duly verified and found incorrect, Hon'ble ITAT's order effect already granted on 17/07/2015 and revised taxable income re-determined to the tune of Rs. 1,15,21,90,610/-. The said appeal effect also duly served upon the assessee on 31/07/2015. Therefore, rectification application filed is hereby rejected and treated as filed for the following grounds:- > The assessee has not furnished any specific credits which are pending to be granted > The Hon'ble ITAT's order effect already granted and copy of order served upon the assessee on 31/07/2015. > There is no pre-pa....

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....ed to refund of Rs. 2,16,73,848 (consisting of Rs. 1,71,00,320 and Rs. 45,73,528) which payment was made after 57 months - It claimed statutory interest for delayed refund of Rs. 45,73,528 for 57 months between 1-4-1993 and 31-12-1997 in terms of section 244A - Department contended that words 'any amount' would not include interest which accrued to respondent for non-refunding of Rs. 45,73,528 for 57 months - Whether argument of department could not be accepted, as interest component partakes of character of 'amount due' under section 244A - Held, yes - Whether, therefore, assessee would be entitled to interest for 57 months on Rs. 45,73,528 - Held, yes b) HIGH COURT OF GUJARAT Ajanta Manufacturing Ltd. Vs.....