ITAT Grants Interest on Self-Assessment Tax Refund, Rules Adjustment of Tax Liability Affects Character of Tax Payment [Read Order]
This shift made the refund eligible for interest under Section 244A(1)(b) of the Income Tax Act, rather than Section 244A(1)(aa), which imposes restrictions on interest claims
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) granted interest on a refund of self-assessment tax .The tribunal ruled that once self-assessment tax is adjusted against a tax demand from an assessment order, it loses its original character and becomes tax paid under assessment. Nirma Limited, the appellant-assessee, appealed against the order…
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