Interest on delayed Income Tax Refunds arising from excess Self-Assessment Tax allowable

Indian Oil Corporation Ltd. Vs DCIT (ITAT Mumbai)

Conclusion: Assessee was entitled to interest on refund arising out of excess self-assessment tax from the date of payment of self-assessment tax till the date of grant of refund

Held: AO finalized assessment with a demand of Rs. 619,42,03,502/- after consideration of the refund already issued to the assessee at the time of processing. Assessee made a part payment of Rs. 61,18,00,000/-  against the demand and also filed an appeal against the assessment order before CIT(A). CIT(A) gave partia

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