Relief to IDBI: ITAT Rules Bank Entitled to Full Refund Interest u/s 244A of Income Tax Act [Read Order]

Section 140A of the tax statute prescribes that payments by an assessee should first be adjusted towards fees, then interest, and lastly tax. The Tribunal found no reason why a similar approach should not be applied when calculating refunds due to an assessee
By Varda Marakkar - On September 10, 2024 2:44 pm - 2 mins read
Income Tax - ITAT - ITAT judgment - IDBI refund - TAXSCAN

In a significant relief for IDBI Bank, the Income Tax Appellate Tribunal ( ITAT ) of Mumbai ruled that the bank is entitled to the full amount of interest on its tax refund under Section 244A of the Income Tax Act 1961. This ruling was delivered in response to three appeals that involved similar facts…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
Ā  ā‚¹2299 + GST for 1 year

Subscribe Now

Already a member? Log in here

Topics

taxscan-loader