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“advance tax”

Chapter XVII - Collection & Recovery (Advance tax)Chapter XVII-CSection 2(1) / Chapter XVII-C / ITR Schedule IT1,785 judgments

The decision most relied on for advance tax is Bajaj Tempo Ltd. v. CIT (196 ITR 188), cited in 289 judgments on BharatTax.

Leading authorities on advance tax

Bajaj Tempo Ltd. v. CIT
196 ITR 188 · 1992 · Supreme Court
289
citing judgments

Provisions in taxing statutes that grant incentives, concessions, or exemptions for promoting economic growth and industrialization must be interpreted liberally and purposively. Any restrictions placed on such provisions should also be construed reasonably to advance their objective, not frustrate it.

DIT v. GE Packaged Power Inc.
373 ITR 65 · 2015 · High Court
199
citing judgments

Interest under section 234B for default in payment of advance tax is not leviable when the entire income is subject to tax deduction at source under section 195, as no advance tax liability arises for the assessee in such circumstances.

Sreenivas Charitable Trust v. Dy. CIT
280 ITR 357 · 2006 · High Court
182
citing judgments

The expression "sufficient cause" for condoning delay in filing appeals must receive a liberal and purposive construction. This approach aims to advance substantial justice, which is of paramount importance.

Pradip Kumar Malhotra v. CIT
338 ITR 538 · 2011 · High Court
152
citing judgments

Section 2(22)(e) of the Income Tax Act, which addresses deemed dividends, does not apply to loans or advances provided by a company to its shareholders if these transactions occur in the normal course of business, are driven by business expediency, or are made in consideration of a benefit conferred upon the company by the shareholder. Conversely, gratuitous loans or advances given to shareholders fall within the purview of this section.

DIT v. NGC Network Asia LLC
313 ITR 187 · 2009 · High Court
144
citing judgments

Where a duty is cast on the payer to deduct and pay tax at source under Section 195, the payee-assessee cannot be levied interest under Section 234B for failure to pay advance tax if the payer defaults on its TDS obligation. This principle may also extend to interest under Section 234C.

Topman Exports v. CIT
342 ITR 49 · 2012 · Supreme Court
121
citing judgments

Export incentives, such as DEPB (Duty Entitlement Pass Book) and advance license benefits, constitute income taxable on an accrual basis under Section 28 of the Income-tax Act. Profit arising on the transfer of DEPB is not eligible for deduction under Section 80HHC.

CIT v. Creative Dyeing & Printing Pvt. Ltd.
318 ITR 476 · 2009 · High Court
119
citing judgments

Genuine trade advances or amounts advanced for bona fide business transactions, driven by commercial expediency, do not fall within the definition of deemed dividend under section 2(22)(e) of the Income-tax Act.

CIT v. Raj Kumar
318 ITR 462 · 2009 · High Court
119
citing judgments

Genuine trade advances made by a company in the ordinary course of business to a shareholder do not fall within the definition of deemed dividend under Section 2(22)(e) of the Income-tax Act.

Judgments citing advance tax

Kansai Nerolac Paints Limited (Erstwhile Known As Goodlass Nerolac Paints Limited), Mumbai vs. Addl. CIT, Range 6 (2), Mumbai

Accordingly we see no infirmity in the decision of CIT(A) and uphold the decision of the CIT(A). This ground of the revenue is dismissed

ITA 3385/MUM/2014[2009-10]Status: DisposedITAT Mumbai04 Dec 2023AY 2009-10

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

Section 115Section 143(2)Section 145ASection 35DSection 36(1)(va)Section 40

correct? (ii) Whether interest was not payable by the assessee/respondent under Section 234B of the Income Tax Act, 1961 on failure to deposit the advance tax in respect of tax payable under Section 115JB of the Income Tax Act, 1961? 2. Insofar as question No.(i) is concerned we have

Kansai Nerolac Paints Limited (Erstwhile Known As Goodlass Nerolac Paints Limited), Mumbai vs. Addl CIT, Range 6 (2), Mumbai

Accordingly we see no infirmity in the decision of CIT(A) and uphold the decision of the CIT(A). This ground of the revenue is dismissed

ITA 3384/MUM/2014[2008-09]Status: DisposedITAT Mumbai04 Dec 2023AY 2008-09

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

Section 115Section 143(2)Section 145ASection 35DSection 36(1)(va)Section 40

correct? (ii) Whether interest was not payable by the assessee/respondent under Section 234B of the Income Tax Act, 1961 on failure to deposit the advance tax in respect of tax payable under Section 115JB of the Income Tax Act, 1961? 2. Insofar as question No.(i) is concerned we have

National Aluminium Company Limited, Bhubaneswar vs. Principal CIT-1, Bhubaneswar

In the result, appeal of the assessee stands allowed

ITA 62/CTK/2021[2016-17]Status: DisposedITAT Cuttack30 Nov 2023AY 2016-17

Bench: Before S/Shri George Mathan, Judicial & Girish Agrawalassessment Year : 2016-17 National National Aluminium Aluminium Vs. Dcit, Circle Dcit, Circle -1(2), Company Limited., Nalco Company Limited., Nalco Bhubaneswar Bhubaneswar Bhawan, Bhawan, Nayapalli, Nayapalli, Bhubaneswar. Bhubaneswar. Pan/Gir No. Pan/Gir No.Aaacn 7449 M (Appellant) ) .. ( Respondent Respondent) Assessee By Assessee By : Shri Ved Jain, Ca & Shri P. Venugopal Rao, Ca Venugopal Rao, Ca Revenue By : Dr.Abani Kanta Nayak, Abani Kanta Nayak, Cit Dr Date Of Hearing : 30/11 11/2023 Date Of Pronouncement : 30/11 /11/2023 O R D E R Per Bench

For Appellant: Shri Ved Jain, CA and Shri P. Venugopal Rao, CAFor Respondent: Dr.Abani Kanta Nayak
Section 142Section 142(1)Section 143(3)Section 153ASection 234BSection 263Section 43B

IN THE INCOME TAX APPELLATE TRIBUNAL, IN THE INCOME TAX APPELLATE TRIBUNAL, IN THE INCOME TAX APPELLATE TRIBUNAL, CUTTACK BENCH

DCIT Cir - 3(1), Mumbai vs. M/S. Bajaj Auto Ltd., Mumbai

In the result, the appeals filed by the assesse are partly allowed and the appeals filed by the revenue are dismissed

ITA 573/MUM/2007[2000-2001]Status: DisposedITAT Mumbai28 Nov 2023AY 2000-2001

Bench: Aby T Varkey & Shri Amarjit Singh

For Appellant: Ms. Vasanti Patel & Shri CharuFor Respondent: Shri. Krishna Bandi
Section 143(2)Section 143(3)

sides and perused the material on record. During the course of appellate proceedings before us the assessee submitted that it has paid the total advance tax of Rs.204,00,00,000/- whereas assessed tax comes to Rs.195,36,36,406/- and 90% of the assessed tax comes to Rs.175 ... therefore, there was no shortfall in payment of advance tax. During the course of appellate proceedings before us revenue has not brought any material contrary to the submission and finding of the ld. CIT(A) therefore, this ground of appeal of the revenue also stand dismissed. 115. In the result

M/S. Bajaj Auto Ltd., Mumbai vs. The Dy CIT Cir 3(1), Mumbai

In the result, the appeals filed by the assesse are partly allowed and the appeals filed by the revenue are dismissed

ITA 3055/MUM/2005[2000-2001]Status: DisposedITAT Mumbai28 Nov 2023AY 2000-2001

Bench: Aby T Varkey & Shri Amarjit Singh

For Appellant: Ms. Vasanti Patel & Shri CharuFor Respondent: Shri. Krishna Bandi
Section 143(2)Section 143(3)

sides and perused the material on record. During the course of appellate proceedings before us the assessee submitted that it has paid the total advance tax of Rs.204,00,00,000/- whereas assessed tax comes to Rs.195,36,36,406/- and 90% of the assessed tax comes to Rs.175 ... therefore, there was no shortfall in payment of advance tax. During the course of appellate proceedings before us revenue has not brought any material contrary to the submission and finding of the ld. CIT(A) therefore, this ground of appeal of the revenue also stand dismissed. 115. In the result

The DCIT 3(1), Mumbai vs. M/S. Bajajaj Auto Ltd., Mumbai

In the result, the appeals filed by the assesse are partly allowed and the appeals filed by the revenue are dismissed

ITA 2655/MUM/2005[2000-2001]Status: DisposedITAT Mumbai28 Nov 2023AY 2000-2001

Bench: Aby T Varkey & Shri Amarjit Singh

For Appellant: Ms. Vasanti Patel & Shri CharuFor Respondent: Shri. Krishna Bandi
Section 143(2)Section 143(3)

sides and perused the material on record. During the course of appellate proceedings before us the assessee submitted that it has paid the total advance tax of Rs.204,00,00,000/- whereas assessed tax comes to Rs.195,36,36,406/- and 90% of the assessed tax comes to Rs.175 ... therefore, there was no shortfall in payment of advance tax. During the course of appellate proceedings before us revenue has not brought any material contrary to the submission and finding of the ld. CIT(A) therefore, this ground of appeal of the revenue also stand dismissed. 115. In the result

M/S. Bajaj Auto Ltd., Mumbai vs. The Dy CIT RG 3(1), Mumbai

In the result, the appeals filed by the assesse are partly allowed and the appeals filed by the revenue are dismissed

ITA 2125/MUM/2005[1999-2000]Status: DisposedITAT Mumbai28 Nov 2023AY 1999-2000

Bench: Aby T Varkey & Shri Amarjit Singh

For Appellant: Ms. Vasanti Patel & Shri CharuFor Respondent: Shri. Krishna Bandi
Section 143(2)Section 143(3)

sides and perused the material on record. During the course of appellate proceedings before us the assessee submitted that it has paid the total advance tax of Rs.204,00,00,000/- whereas assessed tax comes to Rs.195,36,36,406/- and 90% of the assessed tax comes to Rs.175 ... therefore, there was no shortfall in payment of advance tax. During the course of appellate proceedings before us revenue has not brought any material contrary to the submission and finding of the ld. CIT(A) therefore, this ground of appeal of the revenue also stand dismissed. 115. In the result

The Dy CIT RG 3(1), Mumbai vs. M/S. Bajaj Auto Ltd, Mumbai

In the result, the appeals filed by the assesse are partly allowed and the appeals filed by the revenue are dismissed

ITA 1933/MUM/2005[1999-2000]Status: DisposedITAT Mumbai28 Nov 2023AY 1999-2000

Bench: Aby T Varkey & Shri Amarjit Singh

For Appellant: Ms. Vasanti Patel & Shri CharuFor Respondent: Shri. Krishna Bandi
Section 143(2)Section 143(3)

sides and perused the material on record. During the course of appellate proceedings before us the assessee submitted that it has paid the total advance tax of Rs.204,00,00,000/- whereas assessed tax comes to Rs.195,36,36,406/- and 90% of the assessed tax comes to Rs.175 ... therefore, there was no shortfall in payment of advance tax. During the course of appellate proceedings before us revenue has not brought any material contrary to the submission and finding of the ld. CIT(A) therefore, this ground of appeal of the revenue also stand dismissed. 115. In the result

Ranajitbhai Balvantbhai Patel, Olpad vs. ITO - Ward 2(2)(4), Majura Gate

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 646/SRT/2023[2017-18]Status: DisposedITAT Surat28 Nov 2023AY 2017-18

Bench: Shri Pawan Singh(Hybrid Hearing) Ranajitbhai Balvantbhai Patel, Vs. The Ito, At & Post Arthan, Tal: Olpad, Ward -2(2)(4), District – Surat, 394130. Surat. Pan : Bxjpp1448N Appellant Respondednt

Section 249(4)Section 254(1)Section 69A

subject, the learned CIT(A) has erred in not admitting the appeal u/s 249(4) when no tax was payable as advance tax. 2. On the facts and circumstances of the case as well as law on the subject, the learned assessing officer has erred in making addition of Rs.13 ... dismissed the appeal of assessee in limine by taking view that assessee was required to pay an amount equal to amount of advance tax, which was payable. And that the assessee has not paid advance tax, while filing the appeal before him/ld. NFAC, therefore appeal is not liable

Sicom Ltd, Mumbai vs. Dy Commissioner of Income Tax Circle 3(3)(1), Mumbai

In the result, the appeal filed by the assesee is partly allow for statistical purpose and the appeal filed by the revenue is allowed for statistical purposes

ITA 1694/MUM/2023[2013-2014]Status: DisposedITAT Mumbai22 Nov 2023AY 2013-2014

Bench: Shri Om Prakash Kant & Shri Pavan Kumar Gadale, Judicialmember Sicom Ltd, Vs. Dy Commissioner Of Solitaire Corporate Income Tax Circle Park, Bldg No.04, 3(3)(1), Chakala, Andheri(E), 6Th Floor, Room No. Mumbai-400093. 609,Aayakar Bhavan, Maharishi Karve Road, Mumbai- 400020. "थायी लेखा सं./जीआइआर सं.Pan/Gir No. Aaacs5524J (अपीलाथ"/Applicant) (""यथ"/Respondent) Dy Commissioner Of Vs. Sicom Ltd, Income Tax Circle Solitaire Corporate Park, 3(3)(1), Bldg No.04, Chakala, 6Th Floor, Room No. Andheri(E), 609,Aayakar Bhavan, Mumbai-400093. Maharishi Karve Road, Mumbai- 400020. "थायी लेखा सं./जीआइआर सं.Pan/Gir No. Aaacs5524J (अपीलाथ"/Applicant) (""यथ"/Respondent)

Section 10(34)Section 14ASection 234BSection 36(1)(ii)Section 36(1)(iii)

noted that in Wootcomber's case (supra) the Calcutta High Court had come to the conclusion that the profits were sufficient to meet the advance tax liability and the profits were deposited in the overdraft account of the assessee and in such a case it should be presumed that

M/S. Shring Construction Company Pvt. Ltd., Dehradun vs. DCIT, Muzaffarnagar

In the result, the appeal of the assessee is dismissed

ITA 3615/DEL/2016[2011-12]Status: DisposedITAT Delhi22 Nov 2023AY 2011-12

Bench: Shri Shamim Yahya & Shri Kul Bharat[Assessment Year : 2011-12] Shring Construction Company V Dcit Pvt. Ltd. S Circle-1 D-245, Nehru Colony, Muzaffarnagar Haridwar Road, Dehradun Pan: Aabcr4560L Appellant Respondent Appellant By None Respondent By Shri Vivek Kumar Upadhyay, Sr. Dr Date Of Hearing 20.11.2023 Date Of 22.11.2023 Pronouncement

Section 143(3)Section 234BSection 50CSection 68

charged as the appellant could not have foreseen the disallowances/additions made and could not have included the same in current income for payment of Advance tax. The interest charged under various sections is also wrongly worked out. 11. The appellant craves leave to add, amend, alter and or modify

ITO Ward - 23(1), New Delhi vs. Sharp Eye Broadcasting Pvt Ltd, New Delhi

In the result, the appeal of the Revenue is allowed for statistical purposes

ITA 1105/DEL/2020[2016-17]Status: DisposedITAT Delhi20 Nov 2023AY 2016-17

Bench: Shri Saktijit Dey- & Shri Pradip Kumar Kedia-

For Appellant: Shri Arun Kumar, AdvFor Respondent: Shri Anuj Garg, Sr.DR
Section 143(3)Section 56(2)(viib)

value of the assets in the balance-sheet as reduced by any amount of tax paid as deduction or collection at source or as advance tax payment as reduced by the amount of tax claimed as refund under the Income-tax Act and any amount shown in the balance- sheet ... apart towards depreciation; (iv) any amount representing provision for taxation, other than amount of tax paid as deduction or collection at source or as advance tax payment as reduced by the amount of tax claimed as refund under the Income-tax Act, to the extent of the excess over

M/S Santhimadom Herbal City Trust, Ernakulam vs. ACIT Central Circle 2, Kochi

In the result, the assessee’s appeals are partly allowed

ITA 921/COCH/2022[2009-10]Status: DisposedITAT Cochin14 Nov 2023AY 2009-10

Bench: Shri Sanjay Arora, Am & Shri Manomohan Das, Jm

For Appellant: Sri.Mathew Joseph, CAFor Respondent: Smt.J.M.Jamuna Devi, Sr.DR
Section 132Section 144Section 153ASection 153C

assessment is made, on the amount of the tax on the total income determined under regular assessment, as reduced by the amount of,— (i) advance tax, if any, paid; (ii) any tax deducted or collected at source; (iia) any relief of tax allowed under section 89; (iii) any relief

M/S Santhimadom Herbal City Trust, Ernakulam vs. ACIT Central Circle -2, Kochi

In the result, the assessee’s appeals are partly allowed

ITA 920/COCH/2022[2008-09]Status: DisposedITAT Cochin14 Nov 2023AY 2008-09

Bench: Shri Sanjay Arora, Am & Shri Manomohan Das, Jm

For Appellant: Sri.Mathew Joseph, CAFor Respondent: Smt.J.M.Jamuna Devi, Sr.DR
Section 132Section 144Section 153ASection 153C

assessment is made, on the amount of the tax on the total income determined under regular assessment, as reduced by the amount of,— (i) advance tax, if any, paid; (ii) any tax deducted or collected at source; (iia) any relief of tax allowed under section 89; (iii) any relief

Kotak Investment Advisors Limited, Mumbai vs. DCIT, CPC, CPC Bengalore

In the result, the appeal by the assessee is allowed

ITA 2571/MUM/2023[2016-17]Status: DisposedITAT Mumbai09 Nov 2023AY 2016-17

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

For Appellant: Shri Madhur AgrawalFor Respondent: Shri P.D. Choughule
Section 139(1)Section 143(1)Section 244ASection 244A(1)(a)Section 24ASection 250

following manner, namely :— [(a) where the refund is out of any tax collected at source under section 206C or paid by way of advance tax or treated as paid under section 199, during the financial year immediately preceding the assessment year, such interest shall be calculated at the rate ... section 139(1) of the Act, and (ii) where the refund is out of any tax collected at source or paid by way of advance tax. In the present case, it is undisputed that the due date for filing the original return of income was 30/11/2016 and the assessee filed

Shri Sachin M. Sathone, Nagpur vs. ACIT-Circle-6, Nagpur

In the result, appeal of the assessee is Partly Allowed

ITA 212/NAG/2014[2008-09]Status: DisposedITAT Nagpur08 Nov 2023AY 2008-09

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.212/Nag/2014 िनधा"रण वष" / Assessment Year : 2008-09 Shri Sachin M. Sathone, The Acit, Circle-6, 209, Jai Maa Durga V Nagpur. Apartment, S Kdk Colege Road, Nandanvan, Nagpur – 440009. Pan: Asrps9582N Appellant/ Assessee Respondent/Revenue Assessee By Shri Rachit Thakar – Ar Revenue By Shri Rajat Singhal – Sr.Dr Date Of Hearing 22/09/2023 Date Of Pronouncement 08/11/2023 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Is An Appeal Filed By The Assessee Against The Order Under Section 250 Of The Income Tax Act, Of Ld.Cit(A)-Ii, Nagpur Dated 11.12.2013 For A.Y.2008-09 Emanating From Assessment Order Under Section 143(3) Of The Act, Dated 31.12.2010. The Grounds Of Appeal Filed By The Assessee Are As Under : “1] Learned C.I.T.(A) Erred In Disallowing Salary Etc. Amounting To Rs.4,99,431/- Being 30% Of Total Salary Of Rs. 16,64,770/- On The Shri Sachin M. Sathone [A]

Section 133ASection 143(3)Section 250Section 292

proved otherwise. In this case in Annexure-B at Sr.No.4 are loose papers from page 1 to 184, and at Sr.No.5 is Advance Tax Challan file, at Sr.No.2 is Income Tax File. If the assessee has not doubted the contents of Annexure-B at Sr.No

DCIT, Central Circle-25, New Delhi vs. Yograj Arora, New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 2440/DEL/2022[2017-18]Status: DisposedITAT Delhi07 Nov 2023AY 2017-18

Bench: Dr. Brr Kumar & Ms. Astha Chandraasstt. Year: 2017-18 Dcit, Vs. Yograj Arora Central Circle-25, 19, Western Avenue, New Delhi. Sainik Farms Khanpur, New Delhi – 110 062 Pan Aaepa3210E (Appellant) (Respondent)

For Appellant: Shri R.S. Ahuja, CAFor Respondent: Shri Vivek Vardhan, Sr. DR
Section 116BSection 132(1)Section 143(1)Section 153ASection 69A

planning The explanation of assess is nothing but a concocted story designed just to explain the document. The nature of payments such as advance taxes, HDFC bank deposits, bank instalments etc are the actual payments and hence the cash of Rs 1.45 crore is also the actual cash arranged paid ... Annexure A-8 was found and seized and that page No. 30 of the diary contained details of various transaction such as advance tax payments, sales, loans, instalment payment, bank deposits including jotting HKA 1.45 cash. It is this jotting 1.45 cash which is alleged

Income Tax Officer-12(1)(1), Mumbai vs. Ankita Reality and Development Private Limited, Mumbai

In the result, the appeal of the revenue as well as CO of the assessee are dismissed

ITA 2212/MUM/2023[2015-2016]Status: DisposedITAT Mumbai31 Oct 2023AY 2015-2016

Bench: Shri Aby T. Varkey, Jm & Shri Prashant Maharishi, Am आयकर अपील सं/ I.T.A. No.2212/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2015-16) Ito-12(1)(1) बिधम/ Ankita Reality & Room No.129 1St Floor, Development Pvt. Ltd. Vs. Aayakar Bhavan, M. H. Cts-40-44, Sahara India Road, Mumbai-400020. Points, Sv Road, Goregaon West, Mumbai- 400104. Cross Objection No. 106/Mum/2023 Arising Out Of I.T.A. No.2212/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2015-16) Ankita Reality & बिधम/ Ito-12(1)(1) Room No.129 1St Floor, Development Pvt. Ltd. Vs. Cts-40-44, Sahara India Aayakar Bhavan, M. H. Points, Sv Road, Goregaon Road, Mumbai-400020. West, Mumbai-400104. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaeca4513D (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Siddharth Srivastave/Ms. Ekta Shah Revenue By: Shri Manoj Kumar Sinha (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 17/10/2023 घोषणा की तारीख /Date Of Pronouncement: 31/10/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Revenue & The Cross- Objection (Co) Preferred By The Assessee Against The Order Of The Ld. Cit(A)/Nfac, Delhi Dated 19.04.2023 For The Ay 2015-16. 2. The Main Grievance Of The Revenue Is Against The Action Of The Ld. Cit(A) Deleting The Penalty Levied U/S 271(1)(C) Of The Income Tax Act, 1961 (Hereinafter “The Act”) & Pointed Out That Assessee Had Not 2 Co. No.106/M/23 A.Y. 2015-16 Ankita Reality & Development Pvt. Ltd. Filed The Return Of Income U/S 139(1) Of The Act. & The Cross- Objection (Co) Has Been Filed By The Assessee, Supporting The Action Of The Ld Cit(A), As Well As Has Raised Certain Legal Issues.

For Appellant: Shri Siddharth Srivastave/Ms. EktaFor Respondent: Shri Manoj Kumar Sinha (Sr. AR)
Section 139(1)Section 139(4)Section 147Section 148Section 194CSection 271(1)Section 271(1)(c)Section 274

Rs.56,71,792/-, Rs.99,00,000/- and another sum of Rs.99,00,000/- (aggregating to Rs. 2,54,71792/-) on 11.03.2015 meaning thereby that advance tax which had accrued on the sale of the property was duly deposited by the assessee well before the due dated 11.03.2015 whereas ... aforesaid facts, it is discernable that the assessee has not ‘concealed any particulars of income’ and the tax has been paid by way of advance tax as well as TDS ; and due to inadvertent negligence/omission on the part of the accountant in not filing the return of income within time

Dcti-3(4), Mumbai vs. M/S Idbi Bank Ltd, Mumbai

Accordingly, the grounds raised assessee are allowed and that of the revenue are dismissed

ITA 2081/MUM/2023[2002-2003]Status: DisposedITAT Mumbai30 Oct 2023AY 2002-2003

Bench: Shri Vikas Awasthy () & Ms. Padmavathy S. ()

Section 143(3)Section 244A

resident/foreign company. 38. Providing for payment of interest in case of refund of amounts paid as tax or deemed tax or advance tax is a method now statutorily adopted by fiscal legislation to ensure that the aforesaid amount of tax which has been duly paid in prescribed time and provisions

Dcti-3(4), Mumbai vs. M/S Idbi Bank Ltd, Mumbai

Accordingly, the grounds raised assessee are allowed and that of the revenue are dismissed

ITA 2080/MUM/2023[1997-98]Status: DisposedITAT Mumbai30 Oct 2023AY 1997-98

Bench: Shri Vikas Awasthy () & Ms. Padmavathy S. ()

Section 143(3)Section 244A

resident/foreign company. 38. Providing for payment of interest in case of refund of amounts paid as tax or deemed tax or advance tax is a method now statutorily adopted by fiscal legislation to ensure that the aforesaid amount of tax which has been duly paid in prescribed time and provisions