Dear sir
Our company had been assessed by income tax department after scrutiny since last many years . Every year they were raising demand and that demands were finally deleted by appellate authorities. Income tax pursued us for depositing of demands and in pressure we deposited the demands. After deletions of additions, refunds were generated but not paid to us and refunds were suo moto adjusted against our demands meanwhile raised for next years and year and year by same practice remained continued. Finally because of nil demands in previous year they refunded us entire amount of last 6-7 years in this years with interest of 6%..
Further every year there was delay from our side in making payments of advance tax therefore department charged interest under section 234b & C at the rate of 12%. My pain is that one side my huge money kept by department by generating fake demands every year other side on delayed payment i loosed interest @ 12%. In nutshell because of all above, I loosed deferential interest i.e 6% ( 12%-6%). Whether there is any way by which i can claim differential interest from department?
Regards
Anant
CAclubindia
