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2015 (4) TMI 3 - ITAT MUMBAIEligibility for interest on refund - Held that:- No substance in the argument of the Revenue that the delay n the refund was caused because of the conduct of the assessees. In fact, the assessee was questioning the proposition of the Revenue to assess the income in the hands of the Main Trusts. That is why the beneficiary trusts have filed their individual returns of income disclosing the benefits received from the main trusts also. But when KVSS was pronounced by the Government of India, it was for the assessees to decide whether to take benefit out of that or not. Therefore, it is only when KVSS was promulgated, the assessee had an occasion to make a move and settle the dispute. So also the proceedings were locked up in different appellate forums. Therefore, there is no merit in the argument of the Revenue that the delay was caused by the conduct of the assessees. Therefore, we also find that the assessing officer has rightly granted interest to the assessees on refunds due to them. - Decided in favour of assessee. Interest on interest - Held that:- According to decision of CIT vs. Gujarat Flouro Chemicals, [2013 (10) TMI 117 - SUPREME COURT]the interest which can be granted to the assessee on refund as per section 244A would be the interest provided in that section and no other interest on such statutory interest can be provided. Thus, it was pleaded by Ld. DR that there is no provision according to which assessee can be granted interest on interest. - Decided against assessee.
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