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June 2024

Where refund arising consequent to granting MAT credit is more than 10 per cent of the total tax liability and is out of TDS and the return of income has been filed by due date mentioned in section 139(1), assessee is entitled to interest u/s 244A from the first day of the assessment year though the claim of MAT credit was made much later in a rectification application filed. Interest on unpaid interest also allowed.

By Jagdish T Punjabi, Chartered Accountant
Devendra Jain & Aditya Bhatt, Advocates
Reading Time 5 mins

15 Srei Infrastructure Finance Ltd. vs. ACIT

TS-288-ITAT-2024(Kol)

A.Y: 2017–18

Date of Order: 29th April, 2024

Section 244A

Where refund arising consequent to granting MAT credit is more than 10 per cent of the total tax liability and is out of TDS and the return of income has been filed by due date mentioned in section 139(1), assessee is entitled to interest u/s 244A from the first day of the assessment year though the claim of MAT credit was made much later in a rectification application filed.

Interest on unpaid interest also allowed.

FACTS

The assessee originally filed the return on 29th November, 2017, and in this return TDS credit of ₹81,86,10,024 was claimed and this amount was finally revised in the revise

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