Case Law Details
Tata Communications Payment Solutions Ltd. Vs DCIT (ITAT Mumbai)
Interest on refund amount, under section 244A of the Act, is receivable up to the date of issue of refund cheque.
Facts-
The assessee is engaged in the business of ATM management and allied services. It filed its ROI on 30th November, 2015 declaring total income of ₹217,36,12,673/-. The return was picked up for scrutiny and assessment order was passed under section 143(3) of the Income-tax Act, 1961 (the Act) on 12th December, 2017. The ROI was accepted as it is and no addition / disallowance was made.
The assessee preferred the appeal before the learned CIT (A) aggrieved with the order as AO stating that there was no direction in the assessment order to carry forward assessed loss as business loss and also unabsorbed depreciation as per the provision of Section 32(2) and Section 72 of the Act. Further assessee was also aggrieved that AO has not granted the interest u/s 244A of the Act up to the date of issue of refund cheque. The learned CIT (A) dismissed the appeal. Being aggrieved, the assessee has preferred the appeal.
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