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Documents citing M/S Stock Holding Corporation Of India ... vs Commissioner Of Service Tax, Mumbai-Ii on 27 August, 2014

Indian Oil Corporation Ltd,Mumbai vs Dcit 14(2)(1), Mumbai on 31 December, 2024

The first ground of appeal taken by the assessee relates to non-granting of interest u/s. 244A(1)(b) of Rs. 43,64,53,900/- on refund of Rs. 3,96,77,62,722/- arising out ofSelf Assessment Tax. As already discussed in the preceding para, the interest was denied with the specific reason cited by the AO that interest on excess payment of Self Assessment Tax was not payable till the Amendment to this effect was introduced w.e.f 01/06/2016 by insertion of clause (aa) in Section 244A(1). I have perused the order of the AO. I have also perused the order of the Hon'ble High Court at Bombay in writ petition No. 823 of 2000, in the case of the Stock Holding Corporation of India Ltd. Vs. the CIT-III, Mumbai, where in the order dated 17/11/2014 the Ld. High Court clearly stated that interest u/s. 244A(1)(b) is allowable on account of excess payment of tax on Self Assessment from the date of payment of such tax to the date of refund of such excess payment. Respectfully following the said decision along with the various other decisions submitted by the assessee where also the decision of the Bombay High Court stated supra were relied on, I hold that interest on excess amount of Self Assessment Tax should be refunded with interest as per provisions of Section 244A(1)(b) for AYs relating to period prior to the amendment inserted w.e.f 01/06/2016.
Income Tax Appellate Tribunal - Mumbai Cites 10 - Cited by 0 - Full Document

Dcit-14(1)(1), Mumbai vs Indian Oil Corporation Ltd, Mumbai on 31 December, 2024

The first ground of appeal taken by the assessee relates to non-granting of interest u/s. 244A(1)(b) of Rs. 43,64,53,900/- on refund of Rs. 3,96,77,62,722/- arising out ofSelf Assessment Tax. As already discussed in the preceding para, the interest was denied with the specific reason cited by the AO that interest on excess payment of Self Assessment Tax was not payable till the Amendment to this effect was introduced w.e.f 01/06/2016 by insertion of clause (aa) in Section 244A(1). I have perused the order of the AO. I have also perused the order of the Hon'ble High Court at Bombay in writ petition No. 823 of 2000, in the case of the Stock Holding Corporation of India Ltd. Vs. the CIT-III, Mumbai, where in the order dated 17/11/2014 the Ld. High Court clearly stated that interest u/s. 244A(1)(b) is allowable on account of excess payment of tax on Self Assessment from the date of payment of such tax to the date of refund of such excess payment. Respectfully following the said decision along with the various other decisions submitted by the assessee where also the decision of the Bombay High Court stated supra were relied on, I hold that interest on excess amount of Self Assessment Tax should be refunded with interest as per provisions of Section 244A(1)(b) for AYs relating to period prior to the amendment inserted w.e.f 01/06/2016.
Income Tax Appellate Tribunal - Mumbai Cites 10 - Cited by 0 - Full Document
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