The Director of Income-tax (IT)-1 Mumbai v. Deutsche Bank AG
[Citation -2014-LL-1119-69]
| Citation | 2014-LL-1119-69 |
|---|---|
| Appellant Name | The Director of Income-tax (IT)-1 Mumbai |
| Respondent Name | Deutsche Bank AG |
| Court | HIGH COURT OF BOMBAY |
| Relevant Act | Income-tax |
| Date of Order | 19/11/2014 |
| Assessment Year | 2001-02 |
| Judgment | View Judgment |
| Keyword Tags | substantial question of law • interest on tax • grant interest |
| Bot Summary: | 4 An Appeal was filed by the respondent from the order of Assessing Officer before the CIT(A). By order dated 19 February 2010, the CIT(A) allowed the appeal holding that in terms of Section 244A(1)(b) of the Act, assessee is entitled to interest on tax paid on self assessment under Section 140A of the Act. 5 The Revenue being aggrieved by the order of CIT(A) filed an appeal to the Tribunal. The Tribunal while dismissing the appeal of the Revenue, placed reliance on the decisions of ACIT Vs Sandoz Ltd. and ACIT Vs Navartis India Ltd. A.Y.1999-00), wherein it has been held that in any other case would certainly include cases where tax has been paid by way of self assessment. 6 It is agreed by counsel that the issue is no longer res integra in view of the decision of this Court in case of Stock Holding Corporation of India Ltd Vs. CIT, rendered on 17 November 2014. In the above order it has been held that Section 244A(1)(b) of the Act would oblige the revenue to pay interest even on refunds arising from the tax paid by way of an self assessment under Section 140A of the Act. 7 In view of the decision of this Court Stock Holding Corporation, no substantial question of law arises for consideration. |