Re: Interest under 244A and 234D under VSV Scheme
My assessees return was processed for the ay 2015-16 and refund of Rs 172284/- was received including interest of Rs5166/-.Subsequently the case was selected for scrutiny and a demand was made of Rs 272450/-including interest u/s 234a 9656/-,234b 18744/- ,244a 5166/-,234d 9760/-.The assessee opted for vivad se viswas scheme and filed the same .However on receipt of Form 3 it is seen the only 234a and 234b has been waived and interest under 244a and 234d have been demanded with disputed tax .May i know whats the correct treatment .Is the interest waived is only with respect to disputed tax ??Kindly help
Section 234D is on excess demand and Section 244A is interest on refunds . If he revenue has paid the excess interest based on the intimation , the revenue will be justified in demanding the excess interests paid by them .
In the above case when interest on refunds are not discussed in the DTVSV act, will it be right for the department to collect the same when they are not to give 244a interest in cases where the tds credit is in excess to the assessed tax.