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| DATE: | October 1, 2014 (Date of publication) |
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| Click here to download the judgement (IOC_244A_SA_Tax.pdf) |
S. 244A(1)(b): Refund of Self-Assessment tax is also entitled to interest
The Tribunal held that a refund on account of self-assessment tax was entitled to interest u/s 244A(1)(b). On appeal by the department to the High Court HELD by the High Court dismissing the appeal:
In view of the judgement of the Madras High Court in Cholamandalam Investment and Finance Ltd 294 ITR 438 (Special Leave Petition dismissed by the Supreme Court) and Sutlaj Industries Ltd 325 ITR 331 (Del) and the fact that there is nothing contrary, the appeal of the department is dismissed.
good judgement.
by self assessments one many a time pay more tax lest they are harassed by revenue, it is bound and duty to refund excess collected and refunds should be with interest loaded be paid back to the assesse any an ith common sense would say… where is common sense in revenue when so much remunerations and salaries are paid out of tax payers moneys
If revenue pays interest on refunds of excess received then there is a clamp on them for time management of refunds. that means if revenue wants to save interest moneys then they would try their best to refund as early as posdibl ; if not they take their sweet time as they do now;
IOC is a public corporation and it needs r account its share holders as also their customers, so IOC should get its moneys back from all legal sources to benefit customers besides shareholders is it not?
if Revenue usurps interest moneys on excess received then it usurps the citizens right of lower prices of commodities;
i would add had i been a judge i would have levied exemplary penalty on revenue as a lesson to revenue so that it would fast refund the refunds with relevant interests due forthwith. It is not vendetta but to ensure lazy men in Revenue to become active as public servants!
Master of public servants are citizens of india not the government in power as government as a whole is a public servant to people of india Earlier they realize it is better.
Being above 70+ i may not be a judge in indian circumstances but may be in USA as a citizen if i am!