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2022 (6) TMI 836 - ITAT MUMBAIComputation of refund and interest thereon under section 244A - HELD THAT:- We find that the Hon'ble Supreme Court in Gujarat Fluoro Chemicals [2013 (10) TMI 117 - SUPREME COURT] was considering the correctness or otherwise of the decision of the Hon'ble Supreme Court in Sandvik Asia Ltd. [2006 (1) TMI 55 - SUPREME COURT] - The Hon'ble Supreme Court, while clarifying, held that under section 244A of the Act, interest provided for under the statute can only be claimed by the assessee from the Revenue and no other interest on such statutory interest is payable. Also see M/S. GRASIM INDUSTRIES LTD. VERSUS DCIT CEN CIR 1 (4) , MUMBAI AND (VICE-VERSA) [2021 (2) TMI 526 - ITAT MUMBAI] AND UNION BANK OF INDIA VERSUS ACIT LTU, MUMBAI [2016 (8) TMI 688 - ITAT MUMBAI] The present case is not a case where interest on interest due was claimed by the assessee. The issue arising in the present case is regarding correct computation of refund. As per the Revenue, while computing the refund and interest thereon under section 244A of the Act, the refund already granted to the assessee should be adjusted against the tax component. However, as per the assessee, the refund already granted to the assessee should be first adjusted against the interest component and balance, if any, towards the tax component of the refund due. We find no infirmity in the directions issued by the learned CIT(A). Accordingly, grounds raised by the Revenue, which are common in all the years under consideration, are dismissed.
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