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2017 (10) TMI 1252 - AT - Income TaxManner of grand of refund - amount to be adjusted with interest first or with the principal amount - Held that:- The issue is squarely covered in favour of assessee and against Revenue by the decision of Hon’ble Supreme Court in the case of Union of India Vs. Tata Chemicals Ltd. (2014 (3) TMI 610 - SUPREME COURT) and case of India Trade Promotion Organization vs. CIT (2013 (9) TMI 451 - DELHI HIGH COURT) and the same was followed by the Co-ordinate Bench decision in the case of Union Bank of India Vs. ACIT (2016 (8) TMI 688 - ITAT MUMBAI) wherein it is held that while granting refund in pursuance to appeal effect order, the amount of refund granted earlier should be adjusted first against interest on earlier refund and thereafter balance amount should be adjusted against principal component of tax in refund granted earlier, on which assessee is entitled to get interest under section 244A of the Act.
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