Tribunal held that the refund granted on September 6, 2013 was to be first appropriated or adjusted against such correct amount of interest and the shortfall of refund was to be regarded as shortfall of tax and that shortfall was to then be considered for the purpose of computing further interest payable to the assessee under section 244A of the Act till the date of grant of such refund. Tribunal also held that no delay could be attributable on the part of the assessee in this regard. The assessee was entitled to interest on self-assessment tax from the date of payment of self-assessment tax till the date of actual payment of refund.(AY. 2007-08, 2008-09)
Grasim Industries Ltd. v. Dy. CIT (2020) 84 ITR 15 (SN.) / (2021) 186 ITD 675 (Mum.)(Trib.)
S. 244A : Refund-Interest on refunds Refund-No delay attributable to assessee-Interest on self-assessment tax-paid-Allowable from date of payment of self-assessment tax till date of grant of refund. [S. 244(1)(a)]