Assessee filed its statement of specified income disclosing total consideration for specified services and equalisation levy thereon. \u00a0After declaring total levy paid, refund was claimed. \u00a0Refund was paid after petition was filed, however, no interest was paid on amount refunded. On writ the Court held that \u00a0since assessee had paid amount in excess of what was due and liable to be paid, it should equally be compensated with interest. Therefore, assessee would be entitled to interest on amount refunded from 1-4-2018 (end of financial year in which excess tax was paid by assessee) upto date of payment of refund to assessee.(AY. 2018-19)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 244A : Refunds-Interest on refunds-Payment of excess amount of equalisation levy-Entitle to interest on equalisation levy up to payment of refund. [Finance Act, 2016, S. 166,168, 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-47579","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-cnp","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47579","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=47579"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47579\/revisions"}],"predecessor-version":[{"id":47580,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47579\/revisions\/47580"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=47579"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=47579"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=47579"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}