Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: ACCOUNTING STANDARD :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: list of goods taxed at 4% :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: cpt :: VAT RATES :: form 3cd
 
 
From the Courts »
 Pr. Commissioner Of Income Tax Vs. B. C. Management Services Pvt. Ltd.
 Commissioner Of Income Tax Vs. M/s International Tractor Ltd.
 Maharaj Garage & Company vs. CIT (Bombay High Court)
 Amira Pure Foods Pvt. Ltd vs. Pr CIT (ITAT Delhi)
 Hindustan Coca Cola Beverages Pvt. Ltd vs. CIT (Rajasthan High Court)
 Pr CIT vs. Baisetty Revathi (Andhra Pradesh High Court)
  Pr CIT vs. Paradise Inland Shipping Pvt. Ltd (Bombay High Court)
 Ambience Hospitality Pvt. Ltd vs. DCIT (Delhi High Court)
 DCIT vs. Studio Aethletic Health & Hospitality Pvt. Ltd (ITAT Mumbai)
 Nilesh Janardan Thakur vs. ITO (ITAT Mumbai)
 Pr CIT vs. Paradise Inland Shipping Pvt. Ltd (Bombay High Court)

M. Jaffer Saheb (Decd.) vs. CIT (Andhra Pradesh High Court)
February, 14th 2014

Interest u/s 244A is not taxable in the year of grant of refund but has to be spread over the respective AYs to which it relates

In AY 1982-1983 the AO raised a demand which the assessee paid. In AY 1990-91 (16.06.1989) the AO gave effect to the Tribunal’s order and refunded the tax paid by the assessee together with interest for the period from 30.10.1985 to 31.08.1989. The AO held that the said interest was assessable to tax in AY 1990-1991 while the assessee claimed that the said interest had to be spread over and assessed in AYs 1985-1986 to 1988-1989. The CIT(A) upheld the claim of the assessee though the Tribunal upheld the stand of the AO. On appeal by the assessee to the High Court HELD allowing the appeal:

The stand of the department that interest u/s 244(1A) accrues to the assessee only when it is granted to the assessee along with refund order issued u/s 240 is not correct. Interest accrues on a day to day basis on the excess amount paid by the assessee. The entitlement of interest is a right conferred by the statute and it does not depend on the order for the refund being made. An order for the refund is only consequential order which in law is required to be made more in the nature of complying with the procedural requirement, but the right to claim interest of the assessee is statutory right conferred by the Act. Accordingly, the interest has to be spread over and taxed in the respective years (K. Devayani Amma 328 ITR 10 (Ker) dissented from)

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions