For interest under Section 244A(1)(b) of the Act the relevant date is the date of payment of tax and not the date on which the amount of tax collected is credited to the account of the Central Government

ITO Vs M/s Asian Paints Ltd (Mumbai High Court) – Once the authorised agent of the Central Government collects the tax by debiting the bank account of the assessee, the payment of tax to the Central Government would be complete. The fact that there is delay on the part of the authorised agent to credit that amount to the account of the Central Government, it cannot be said that the payment of tax is not made by the assessee, till the amount of tax is credited to the account of the Central Government. For calculating interest under Section

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