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2015 (5) TMI 781 - ITAT MUMBAIRefund granted by the department - Interest due to part refund - Interest on Interest - Held that:- As admitted by the leaned counsel and also that, similar ground have been raised in A.Y. 1996-97, wherein this issue has been decided against the assessee, following ITAT order for the earlier year in assessee’s own case. Thus, respectfully following the same, we dismiss the grounds raised by the assessee. Whether refund should have been first adjusted with the interest due on date of grant of refund, instead of being adjusted with the principal refund due? - Held that:- As it is seen in the case of India Trade Promotion Organization Vs. CIT reported in [2013 (9) TMI 451 - DELHI HIGH COURT ] after detail analysis and discussion has held that, when the revenue does not pay full amount of refund, but part of amount is paid, they will be liable to pay interest on the balance outstanding amount, which consist, of tax paid on the interest, which is payable till the payment of the part amount and interest payable on the principal amount, which remained outstanding thereafter. . Accordingly this ground is set aside to the file of the AO with similar direction. Decided partly in fvaour of assessee for statistical purpose.
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