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Interest u/s. 244A payable on gross amount including principal as well as interest
Case Law Details
- Case Name
- Joint Commissioner of Income-tax (OSD) Vs M/s. ITC Hotels Ltd. (Merged with ITC Ltd.) (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 1996-97 to 1998-99
- Courts
- ITAT Kolkata
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The High Court has failed to appreciate that while charging interest from the assessees, the Department first adjusts the amount paid towards interest so that the principal amount of tax payable remain outstanding and they are entitled to charge interest till the entire outstanding is paid. But when it comes to granting of interest on refund of taxes, the refunds are first adjusted towards the taxes and then the balance towards interest. Hence, as per the stand that the Department takes they are liable to pay interest only up to the date of refund of tax while they take the be...
Hi,
would like to know that u/s 244(a), what is the rate of interest (year wise for the AY 10-11 till 15-16)that department pays on refund payable.
Regards