2024 (2) TMI 1335

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....state bank of India (state bank of Bikaner and Jaipur , Now merged with state bank of India) [ Assessee] wherein appeal filed by the assessee against assessment order passed under section 143 (3) read with section 254 of The Income Tax Act, 1961 (The Act) dated 26/3/2019 passed by The Deputy Commissioner Of Income Tax, Circle (2) (2) (1), Mumbai [ ld. AO] , was allowed with certain directions and therefore the learned AO is aggrieved and has preferred this appeal. 02. The learned AO has raised only ground that the learned CIT - A has erred in directing the AO to adjust the refund granted first towards interest amount refundable and thereafter consider the balance amount of tax amount refundable which will lead to excess grant of interest....

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....sidering contention of the assessee the learned CIT - A in his appellate order in paragraph number 4 - 7 has directed the assessing officer to verify the details of tax payment submitted by the assessee with respect to the amount of tax paid and. Of such tax paid and recompute the amount of interest under section 244A till date of granting of refund. The learned AO is aggrieved with appellate order is in appeal before us. 05. Firstly, the appeal is filed late and therefore a condition request was made by letter dated 10/4/2023 wherein it was mentioned that delay is because of pressing time for filing appeal before the honourable High Court different assesses simultaneous plea also having the timelines in the same. And therefore, it has r....

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.... is set off against any outstanding tax payable by the taxpayer. If there is any interest remaining after the set-off, it is paid to the taxpayer. 08. The claim of revenue is that from taxes already refunded, taxes are to be reduced and from interest, interest granted is to be reduced for determining eligible amount for interest u/s 244A of the Act. According to assessee from the tax refund, nothing is to be reduced and tax and refund already determined should be reduced from interest refund, so that tax on which interest is eligible u/s 244A is always higher than the amount determined by the dl AO because tax amount eligible for interest would always be higher, resulting into higher interest out go. 09. Therefore, we do not find any ....