Case Law Details
Economic Laws Practice Vs CIT (Appeals) (ITAT Mumbai)
ITAT held that for the purpose of Computation of interest on late payment of TDS under section 201(1A), the expression month is to be interpreted as period of 30 days and not British calendar.
Gujarat High Court in the case of Arvind Textile Mills, considered the definition of month in the context of Section 201(1A) of the Act and held that Section 244A(1) is analogous to provisions of Section 201(1A)(ii) read with Rule 119A of the Act and a month must be given ordinary meaning of the term by taking period of 30 days and not British calendar month as defined u/s 3(35) of the General Clauses Act.
It was held that the definition given in General Clauses Act cannot be adopted for the purposes of subsection (1) of S.244A as such importation of the definition would lead to anomalous situation.
FULL TEXT OF THE ITAT JUDGEMENT
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