The assessee had received the payment as a contractor on which the payer had deducted the tax at source . On refund the assessee claimed the interet on refunds .\u00a0 The revenue \u00a0denied the interest on the ground that payments on which tax was deducted at source was returned by the assessee in the AY. 2005 -06 hence the interes cannot be paid on the refund for any period prior to the said assessment year .\u00a0 The Tribunal directed the revenue to pay the interet for the AYs 2003 -04 , 2004 -05\u00a0 and 2005 -06. On appeal by the revenue the Court held that,\u00a0 interest \u00a0would be pyable from the respective assessment years. Starting point for computing the interest \u00a0payble must be to the assessment year in which the tax was deducted at source. \u00a0Followed\u00a0 UOI v Tata Chemicals Ltd ( 2014) 363 ITR 658 (SC) ( AY. 2005 -06) \u00a0\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 244A : Refund \u2013 Interest on refunds \u2013 Tax deducted at source \u2013 Quatitifucation of interest \u2013 Interest would be pyable from the respective assessment years \u2013 Starting point for computing the interest payble must be to the assessment year in which the tax was deducted at source .[ S. 195(2) , 199 244A(1)(a) ]<\/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":[1],"tags":[],"class_list":["post-9209","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2ox","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9209","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=9209"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9209\/revisions"}],"predecessor-version":[{"id":9210,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9209\/revisions\/9210"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=9209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=9209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=9209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}