Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (10) TMI 1079 - ITAT MUMBAIEntitlement to interest on refund - Held that:- There is 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 assessee. Therefore, we also find that the assessing officer has rightly granted interest to the assessees on refunds due to them. Assessee is not entitled to interest on interest - See Hon’ble Supreme Court in the case of CIT vs. Gujarat Flouro Chemicals (2013 (10) TMI 117 - SUPREME COURT) - Decided in favour of assessee in part.
|