ATUL PROPERTIES ,MUMBAI vs. ACIT, CIRCLE 24(1), MUMBAI

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ITA 4966/MUM/2024Status: DisposedITAT Mumbai24 December 2024AY 2010-11Bench: HON’BLE SHRI SANDEEP GOSAIN (Judicial Member)1 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal noted that the issue was squarely covered by previous decisions, including those of the ITAT and the Delhi High Court in India Trade Promotion Organization Vs. CIT. The Tribunal followed these precedents, holding that when a partial refund is made, the revenue is liable to pay interest on the balance outstanding amount, including interest on interest, until the full amount is paid.

What were the facts?

The assessee appealed an order confirming the AO's decision to grant short interest under Section 244A of the Income Tax Act. The AO had granted a refund with interest, but the assessee contended that the interest calculation was incorrect, particularly regarding interest on self-assessment tax and additional interest for delay. A rectification application was filed, but no further interest was granted.

What were the issues?

Whether the Assessing Officer (AO) and the CIT(A) correctly computed the interest payable under Section 244A of the Income Tax Act, particularly when a partial refund was granted.

Which sections of the Income-tax Act were involved?

Section 244A,Section 143(3),Section 154,Section 140A(1),Section 220(2),Section 234B,Section 234C,Section 156

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(1)Show list

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Income Tax Appellate Tribunal, “SMC” BENCH MUMBAI

Before: HON’BLE SHRI SANDEEP GOSAIN

For Appellant: Ms. Arti Debnath a/w Mr. Shobhit Mishra
For Respondent: Shri vithal Machindra Bhosale, Sr. DR
Hearing: 24.12.2024Pronounced: 06.01.2025

आदेश की �ितिलिप अ�ेिषत/Copy of the Order forwarded to : अपीलाथ� / The Appellant 1. ��थ� / The Respondent. 2. संबंिधत आयकर आयु� / The CIT(A) 3. आयकर आयु�(अपील) / Concerned CIT 4. िवभागीय �ितिनिध, आयकर अपीलीय अिधकरण, मु�बई / DR, ITAT, Mumbai 5. गाड� फाईल / Guard file. 6.

आदेशानुसार/ BY ORDER, स�ािपत �ित //True Copy//

1.

उप/सहायक पंजीकार ( Asst. Registrar) आयकर अपीलीय अिधकरण, मु�बई मु�बई / ITAT, Mumbai मु�बई मु�बई

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