14 April 2016
sir, i,recently received a refund of Rs 1470/- against Rs 860/- after 84 months on 29 mar 2016 and got a notice from ITO as undermentioned i would like to know the validilty of their claimed calculation:
" it appears from the order u/s 143(1) for the AY 2009-10 that there is a mistake apparent from record within the meanong of Sectin 154/155 of the IT Act 1961. The rectification of the mistake, as per particulars given below, may have the effect of enhancing/ reducing the taxable income./interest issued u/s 244A etc of the IT Act 61.
Particulars of the mistake proposed to be rectified: Note- it appears from records that the interest u/s 244A was wrongly calculated from 1/4/09 to 31/3/16 to the tune of rs 610/- instead of 0.5%, which resulted in excess payment of interest of rs 250/- (610-360) out of total refund amount of rs 1470/- only
please consider the matter as most urgent."
request your guidance in this regard, regarding validity and correctness of the claim.
CAclubindia
