Answers On Topic: Interest refunds
Assessment u/s 143(3) for asst year 2006-07 was made on 31/3/2008.Assessee paid demand determined.Notice u/s 148 was issued and 143(3)/147 order passed on 31/12/2009 and new demand raised.Assessee paid the demand within 30 days and gone to appeal.In appeal the CIT(A) gave major relief in 2012/ITAT gave major relief in 2015. Now the AO give appeal effect orders in FEBRUARY 2022 for both CIT(A) /ITAT ORDERS but interest u/s 244A/244A(1A) was given at 6 pc per annum. My query is whether interest u/s 244A(1A) of additional 3 percent interest per annum is applicable to assessee. Q 1)Why the same was…
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The assessee company original assessment for asst year 2006-07 was completed u/s 143(3) in 2008. Assessee case was reopened in 2010 and 143(3)/147 was done in 2010.Assessee paid taX determined within 30 days in 2011. ASSESSEE preferred appeal and got part relief in 2011 from cit appeal.In itat also some relief was granted IN 2016/2019 .The assessee was given appeal effect order in 2022 january for both cit appeal and itat .(appeal effect given in jan 2022 for both). However on perusal it is seen that interest u/s 244A is 6 pc per annum.The assessee feels that interest u/s 244A(1A)…
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INTEREST ON REFUNDS U/S 244A(1A)