Section 244A

This is a welcome decision by the Mumbai Tribunal where it is held that the taxpayer is entitled to interest on delayed refund as per section 244A of the Act when it is ordered to deduct tax but subsequently it was found in appeal that no such liabil Full Article

This appeal was admitted on the following substantial question of law: "Whether section 244(1)(b) read with explanation thereto excludes payment of interest on refund of self Assessment Tax?" 2. Since it is a pure question of law, the learned counsel for the parties advanced arguments finally. They wanted some time to file Full Article

We have heard the arguments put forth by both the sides along with the case law relied upon. Having held above that the interest on income-tax refund does not fall under the head `Profits and gains of business or profession', it remains to be examined as to whether deduction u/s.80P is restricted only to the income falling under this head. The relevant part of section 80P(2)(a)(i) has been set out above, according to which "the whole of the amount of profits and gains of.. Full Article