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2018 (6) TMI 56 - ITAT RANCHIInterest on Refund u/s 244A - inordinate delay in grant of refund - interest on interest on refund - Held that:- Referring to case of Umang Agrawal vs CIT [2015 (6) TMI 142 - ALLAHABAD HIGH COURT] High Court has not laid down that the assessee is entitled to interest on interest for delay in payment of interest. On the other hand, Hon’ble Allahabad High Court has granted compensation to the assessee for the prejudice caused to the assessee in an inordinate delay in grant of refund on the amount of interest. The said compensation was not granted under any provisions of Income tax Act but in exercise of inherent power which is vested with the Hon’ble High Court. Thus in absence of any specific provisions in the Income tax Act, for allowance of interest on refund or compensation for the delayed period of refund of interest, we are constrained to hold that the appeal of the assessee cannot be allowed.
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