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Interest U/s 220(2) to be Recomputed After Rectification – Not From Rectification Date
Case Law Details
- Case Name
- Ekataa Commercial Centre Private Limited Vs DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2021-22
- Courts
- All ITAT, ITAT Mumbai
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Ekataa Commercial Centre Private Limited Vs DCIT (ITAT Mumbai)
Assessee’s income was originally accepted u/s 143(1) with demand raised. Subsequently, pursuant to rectification u/s 154 (on account of settlement under Vivad Se Vishwas Scheme), assessed income was reduced. However, AO levied interest u/s 220(2) without proper computation details.
ITAT held that:
Once assessed income is reduced, interest u/s 220(2) must be correspondingly reduced
AO failed to provide break-up / basis of interest computation – requires reconsideration
Hence, matter remanded to AO for recom...
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