{"id":29952,"date":"2022-09-29T12:34:45","date_gmt":"2022-09-29T07:04:45","guid":{"rendered":"https:\/\/itatonline.org\/digest\/pcit-v-punjab-sind-bank-2022-the-chambers-journal-september-p-129-delhihc\/"},"modified":"2023-01-30T12:57:47","modified_gmt":"2023-01-30T07:27:47","slug":"pcit-v-punjab-sind-bank-2022-the-chambers-journal-september-p-129-delhihc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pcit-v-punjab-sind-bank-2022-the-chambers-journal-september-p-129-delhihc\/","title":{"rendered":"PCIT v. Punjab &#038; Sind Bank ( 2022)  218 DTR 231\/ The Chamber\u2019s Journal \u2013 September \u2013 P. 129( Delhi)(HC)"},"content":{"rendered":"<p>The assessment of the aassessee resulted in to reduction of taxable income after setting -off brought forward losses .\u00a0 The assessee was entitle to refund of sum deposited as interest u\/s 234D and section 220(2) of the Act . The AO has not granted the refund . On appeal the CIT(A ) affirmed the order of AO. Tribunal allowed the appeal of the \u00a0aassessee. On appeal by the Revenue the Court held that if the sum is refundable to the assessee on \u00a0recomputation\u00a0 of its taxable income , the assessee is eligible for interest . Referred\u00a0 UOI v. Tata Chemicals Ltd\u00a0 ( 2014) 4 SCC 335 \u00a0\u00a0\u00a0\u00a0( ITA No. 1447 \/ 2018 dt 4-8 2022 )<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 244A : Refunds \u2013 Interest on refunds -Reduction in taxable income \u2013 Eligible on the sum refundable due to recomputation [  S. 220(2) 234D, 244A(1)(b)  ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-29952","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-7N6","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29952","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=29952"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29952\/revisions"}],"predecessor-version":[{"id":32283,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29952\/revisions\/32283"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=29952"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=29952"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=29952"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}