Petitioner opted to settle disputes under DTVSV Act, 2020 by filing declarations in Form-1 on 31-1-2021 for ten assessment years starting from assessment year 1999-2000 up to assessment year 2008-09 before Designated Authority in terms of section 4(1). For period in dispute i.e., assessment year 1999-2000 to assessment year 2002-03, Deputy Commissioner, International Taxation had issued orders dated 29-1-2021 under section 154 and ordered refund of amounts after adjusting tax liability from refunds due for assessment years 2004-05 & 2005-06 under section 245. Petitioner had adjusted refundable amounts from assessment year 2004-05 and assessment year 2005-06 towards amounts payable by petitioner for assessment years 1999-2000 to 2002-03 years in Form-1-Designated Authority accepted adjustment and ordered refund of amounts to petitioner but declined to interest under section 244A on delayed payments\/adjustments of refund. On writ the Court held that\u00a0 section 7 of DTVSV Act, 2020 is a complete code by itself and if case is to be settled under it, no interest under section 244-A is available. Accordingly the amounts adjusted and appropriated towards tax liability for assessment years 1999-2000 and 2000-01 under provisions of DTVSV Act from and out of refunds due for assessment years 2004-05 and 2005-06 were to be treated as amount paid by petitioner for assessment year 1999-2000 and assessment year 2000-01 under DTVSV Act, 2020 and consequently, department was to be directed to process excess amount quantified as refundable in section 154 orders dated 29-1-2021 for those assessment years together with interest under section 244-A for assessment years 2004-05 and 2005-06, subject to limitation that no declaration was filed for assessment year 2004-05 and assessment year 2005-06. Amount of tax that had been ordered to be refunded for rest of two assessment years i.e., assessment year 2001-02 and assessment year 2002-03 was concerned, excess amounts were refundable in view of section 7 of DTVSV Act but petitioner was not entitled to interest under section 244-A for these two assessment years in view of Explanation to section 7 of DTVSV Act. (AY. 1999-2000 to 2002-03)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 244A : Refund-Interest on refunds-Section 7 of Direct Tax Vivad Se Vishwas Act, 2020 (DTVSV Act, 2020) is a complete code by itself and if case is to be settled under it, no interest under section 244A is available. [S.154, 245, DTVSV Act, 2020, S.3, 4(1), 7, Art. 226] <\/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-47220","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-chC","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47220","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=47220"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47220\/revisions"}],"predecessor-version":[{"id":47377,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47220\/revisions\/47377"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=47220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=47220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=47220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}