Case Law Details
Case Name : Dredging Corporation of India Ltd. Vs. ACIT (ITAT Visakhapatnam)
Related Assessment Year : 2006- 07 to 2008- 09
Courts :
All ITAT ITAT Visakhapatnam
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Dredging Corporation of India Ltd. Vs. ACIT (ITAT VISAKHAPATNAM)
The assessee was given refund while processing the return u/s. 143(1) and further refund was given after assessment u/s. 143(3). In reassessment proceedings u/s. 147, the refund given earlier became collectible from the assessee. The Assessing officer levied interest u/s. 234D on such excess refund amount. The learned CIT(A) held that the interest u/s. 234D is not chargeable in the hands of the company in reassessment proceedings.
The Tribunal upheld the CIT(A)’s order and noted as under :
(a) On a plain reading of section 234D...
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