Dismissing the appeal of the revenue Court held that section 244A was inserted by Direct Tax Laws (Amendment) Act, 1987 with effect from 1-4-1989 and was made applicable for assessment year 1989-90 onwards and thus, if interest on any excess advance tax paid in a financial year had to be computed after 1-4-1989, same had to be computed in accordance with section 244A only. Followed PCIT v. Carrier Air Conditioning & Refrigeration Ltd (2016) 387 ITR 441 (P& H)(HC) (AY. 2004-05)
PCIT v. Syndicate Bank (2021) 133 taxmann.com 215 (Karn.)(HC) Editor : Notice issued in SLP filed by the revenue ;PCIT v. Canara Bank (2022) 284 Taxman 449 (SC)
S. 244A : Refund-Interest on refunds-Excess advance tax paid-Entitle to interest.