Raymond Ltd. v. Dy. Cit-2(3) And Another

1. Perused the order of the Tribunal. Having perused it, we are of the view that the Appeal raises substantial questions of law. It is admitted on the following substantial questions of law:—

“A. Whether the view taken by the Tribunal with respect to the period for which interest is to be granted on the refund out of alleged excess payment of self assessment tax is contrary to the binding decision of this Hon'ble Court in the case of Stock Holding Corporation of India Ltd. v. CIT [373 ITR 282]?

B. Whether the Tribunal erred in holding that interest is to be paid on refund under section 244A of the Act only when such refund is out of tax and the alleged excess payment of self assessment tax cannot be regarded as tax for the said purpose?

C. Whether the Tribunal erred in holding that interest on refund from the alleged excess payment of self assessment tax would be allowable only from the date of issue of intimation under section 143(1) of the Act?

2. The Registrar (Judicial)/Registrar, High Court, Original Side, Bombay to ensure that the original record in relation to this Appeal is summoned from the Tribunal and offered for inspection of the parties. This paper-book is treated sufficient for the purpose of admission of this Appeal. However, the Registry must further ensure preparation of complete paper book in accordance with the Rules. The Registry, in the first instance, must send intimation of admission of this Appeal enclosing therewith a copy of this order so as to enable the Tribunal to act accordingly.

3. Mr. Suresh Kumar appearing for the Revenue waives service.