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Interest u/s. 244A to be calculated by adjusting refund amount towards interest and balance towards tax
Case Law Details
- Case Name
- DCIT Vs IDBI Bank Ltd. (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 1997-98
- Courts
- All ITAT, ITAT Mumbai
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DCIT Vs IDBI Bank Ltd. (ITAT Mumbai)
ITAT Mumbai held that the amount of interest u/s. 244A of the Income Tax Act is to be calculated by first adjusting the amount of refund already granted towards the interest component and balance left if any shall be adjusted towards the tax component.
Facts- The case was selected for scrutiny and the assessment u/s. 143(3) was completed assessing the income of the assessee at Rs.13216,623,26,540/-. Aggrieved, the assessee preferred an appeal, whereby, the Tribunal granted relief to the assessee on three grounds and remanded two of grounds back to AO. AO p...
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