Dismissing Revenue’s appeal, the Tribunal held that; The denial of interest under S. 244A on amount refundable to assessee on account of treatment of interest subsidy received under TUFS, as capital in nature, without giving the assessee any opportunity of hearing, needs reconsideration; matter restored back to CIT(A) to consider the same afresh. (AY. 2002-03 to 2005-06)
Vardhman Textiles Ltd. v. DCIT (2019) 183 DTR 477 / 202 TTJ 750 (Chd.)(Trib.)
S. 244A : Refund–Interest on refunds-Amount refundable to assessee on account of interest subsidy being capital in nature-CIT(A)’s denial for grant of such interest-without giving opportunity of hearing-Matter remanded.