{"id":195,"date":"2015-07-10T11:16:24","date_gmt":"2015-07-10T11:16:24","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=195"},"modified":"2021-11-17T16:26:22","modified_gmt":"2021-11-17T10:56:22","slug":"interestwould-be-entitledby-assessee-if-excess-self-assessment-tax-paid-even-refund","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/interestwould-be-entitledby-assessee-if-excess-self-assessment-tax-paid-even-refund\/","title":{"rendered":"CORPORATE AND INDUSTRY WATCH"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_88 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6acd680935870\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6acd680935870\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/interestwould-be-entitledby-assessee-if-excess-self-assessment-tax-paid-even-refund\/#INTEREST_WOULD_BE_ENTITLED_BY_ASSESSEE_IF_EXCESS_SELF-ASSESSMENT_TAX_PAID_EVEN_REFUND\" >INTEREST WOULD BE ENTITLED BY ASSESSEE IF EXCESS SELF-ASSESSMENT TAX PAID EVEN REFUND<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/interestwould-be-entitledby-assessee-if-excess-self-assessment-tax-paid-even-refund\/#Section_244A_read_with_sections_140A_and_154_of_the_Income-tax_Act_1961_%E2%80%93_Refunds_%E2%80%93_Interest_on_Self-assessment_tax2015_57_taxmancom_283_-HIGH_COURT_OF_PUNJAB_AND_HARYANA_-CIT_v_Punjab_Chemical_Crop_Protection_Ltd\" >Section 244A, read with sections 140A and 154, of the Income-tax Act, 1961 \u2013 Refunds &#8211; Interest on Self-assessment tax[2015] 57 taxman.com 283 -HIGH COURT OF PUNJAB AND HARYANA -CIT v.\u00a0Punjab Chemical &amp; Crop Protection Ltd:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/interestwould-be-entitledby-assessee-if-excess-self-assessment-tax-paid-even-refund\/#Section_2711c_read_with_section_133A_of_the_Income-tax_Act_1961_%E2%80%93_Penalty_for_concealment_of_income_-declaration_of_income_in_Survey2015_57_taxmancom_25_%E2%80%93_ITAT_MUMBAI_-Vipul_Life_Sciences_Ltd_v_DCIT\" >Section 271(1)(c), read with section 133A, of the Income-tax Act, 1961 &#8211; Penalty for concealment of income -declaration of income in Survey[2015] 57 taxman.com 25 &#8211; ITAT MUMBAI -Vipul Life Sciences Ltd.\u00a0v.\u00a0DCIT:-<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><\/h2>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled24A.png\" rel=\"attachment wp-att-1590\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1590\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled24A-300x194.png\" alt=\"Untitled24A\" width=\"884\" height=\"571\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled24A-300x194.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled24A.png 557w\" sizes=\"auto, (max-width: 884px) 100vw, 884px\" \/><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INTEREST_WOULD_BE_ENTITLED_BY_ASSESSEE_IF_EXCESS_SELF-ASSESSMENT_TAX_PAID_EVEN_REFUND\"><\/span><span style=\"color: #000080;\"><strong>INTEREST WOULD BE ENTITLED BY ASSESSEE IF EXCESS SELF-ASSESSMENT TAX PAID EVEN REFUND<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The assessee\u00a0would be entitled to interest under section 244A(1)(b) on amount of refund which was deposited by it by way of self-assessment tax under section 140A.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Section_244A_read_with_sections_140A_and_154_of_the_Income-tax_Act_1961_%E2%80%93_Refunds_%E2%80%93_Interest_on_Self-assessment_tax2015_57_taxmancom_283_-HIGH_COURT_OF_PUNJAB_AND_HARYANA_-CIT_v_Punjab_Chemical_Crop_Protection_Ltd\"><\/span><span style=\"color: #ff9900;\">Section 244A, read with sections 140A and 154, of the <a href=\"https:\/\/www.caindelhiindia.com\/blog\/implication-of-cash-transaction-under-income-tax-act\/\">Income-tax Act<\/a>, 1961 \u2013 Refunds &#8211; Interest on Self-assessment tax[2015] 57 taxman.com 283 -HIGH COURT OF PUNJAB AND HARYANA -CIT <em>v.\u00a0<\/em>Punjab Chemical &amp; Crop Protection Ltd:-<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Tax deducted at source, advance tax, and also tax paid by way of self-assessment, after its adjustment against tax liability of assessee on a regular assessment, loses its original character and becomes tax paid in pursuance of liability.<\/p>\n<p style=\"text-align: justify;\">Therefore, it could not be held that the assessee was only entitled to interest on tax deducted at source or advance tax but not on self-assessment tax paid under section 140A which was found to be paid in excess.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #3366ff;\"><strong>Declaration of additional income pursuant to survey doesn\u2019t invite penalty in absence of any concealment of facts:-<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where assessee, consequent to survey, declared additional income which was accepted by Assessing Officer, imposition of penalty under section 271(1)(c) was not justified.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Section_2711c_read_with_section_133A_of_the_Income-tax_Act_1961_%E2%80%93_Penalty_for_concealment_of_income_-declaration_of_income_in_Survey2015_57_taxmancom_25_%E2%80%93_ITAT_MUMBAI_-Vipul_Life_Sciences_Ltd_v_DCIT\"><\/span><span style=\"color: #ff9900;\">Section 271(1)(c), read with section 133A, of the Income-tax Act, 1961 &#8211; Penalty for concealment of income -declaration of income in Survey[2015] 57 taxman.com 25 &#8211; ITAT MUMBAI -Vipul Life Sciences Ltd.\u00a0<em>v.\u00a0<\/em>DCIT:-<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Consequent to survey, assessee offered additional amount and included it in its return in response to notice under section 148.<\/p>\n<p style=\"text-align: justify;\">There being difference in amount as declared in original return and as filed in response to notice under section 148.<\/p>\n<p style=\"text-align: justify;\">Assessing Officer initiated penalty proceedings and levied penalty.<\/p>\n<p style=\"text-align: justify;\">Fact that assessee had made purchases and recorded them in its books as well as stock books had not been disputed by Assessing Officer.<\/p>\n<p style=\"text-align: justify;\">It was held that since All relevant facts, material to computation of total income were duly furnished by assessee and no deficiencies in furnishing of such facts were pointed out by revenue authorities.<\/p>\n<p style=\"text-align: justify;\">therefore there could be no question of treating assessee as having concealed particulars of income or furnished inaccurate particulars of income and revenue authorities erred in imposing penalty under section 271(1)(c) on surrendered income.<\/p>\n<p style=\"text-align: justify;\">Words &amp; Phrases: Term &#8216;concealment of income&#8217; as occurring in section 271(1)(c) of the <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income-tax Act, 1961<\/a>.<\/p>\n<p style=\"text-align: justify;\">The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional\u00a0endeavors. For query or help, contact: <a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a>\u00a0or call at 9555555480.<\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>INTEREST WOULD BE ENTITLED BY ASSESSEE IF EXCESS SELF-ASSESSMENT TAX PAID EVEN REFUND The assessee\u00a0would be entitled to interest under section 244A(1)(b) on amount of refund which was deposited by it by way of self-assessment tax under section 140A. Section 244A, read with sections 140A and 154, of the Income-tax Act, 1961 \u2013 Refunds &#8211; &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,9],"tags":[8308,2395,3079,2601,3076,3077],"class_list":["post-195","post","type-post","status-publish","format-standard","hentry","category-direct-tax","category-income-tax","tag-8308","tag-concealment-of-income","tag-imposition-of-penalty-under-section-2711c","tag-income-tax-act","tag-section-244a1b-on-amount-of-refund","tag-sections-140a-and-154-of-it-act-1961-refund"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.2 - aioseo.com -->\n\t<meta name=\"description\" content=\"Corporate and industry, interest would be entitled by assessee if excess self-assessment tax paid even refund, Section 244A, read with sections 140A and 154\" \/>\n\t<meta name=\"robots\" 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