Part refund amount to be first adjusted towards outstanding interest: ITAT Mumbai

DCIT Vs IDBI Bank Limited (ITAT Mumbai) ITAT Mumbai held that when part refund is granted it should be first adjusted towards outstanding interest and then against the tax payable. Interest u/s. 244A of the Income Tax Act directed to be calculated accordingly. Facts- The respondent assessee is a bank. Consequent upon the order dated 03.09.2019 passed by this Tribunal, learned AO, in order to give effect to this order, passed revised assessment order dated 30.09.2021 and granted interest to assessee bank u/s. 244A at 20.17 crores as against the assessee’s claim of Rs. 22.07 crores. Assessee,...