TMI Blog2014 (5) TMI 745X X X X Extracts X X X X X X X X Extracts X X X X ..... d in the statute can be claimed by the assessee and no other interest on such interest, which has been to be computed u/s 244A of the Act - Thus, order of the CIT(A) is set aside and the matter is remitted back to the AO who shall compute the interest which is allowable u/s 244A – Decided in favour of Assessee. - ITA no. 8441/Mum./2011, ITA no. 8442/Mum./2011, ITA no. 8443/Mum./2011, ITA no. 8444 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under appeal is that, the learned Commissioner (Appeals) ought to have held that the assessee was entitled to interest on the amount of interest due to them under section 244A, which was short granted to them, as, if such interest had been granted to the assessee when due, the assessee would have earned income thereon. 2. Before us, the learned Senior Counsel, Mr. Arvind Sonde, on behalf of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idly admitted that in the wake of latest Supreme Court decision in CIT v/s Gujarat Fluoro Chemicals, [2014] 42 Taxman.com 001, order dated 18th September 2013 and [2014] 43 Taxman.com 350, order dated 26th February 2014, the Hon'ble Supreme Court has held that the decision of Sandvick Asia Ltd. (supra) has been misinterpreted, as in that case, the Revenue was directed to pay the interest on st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntingencies, and only the interest as provided in the statute can be claimed by the assessee and no other interest on such interest, which has been to be computed under section 244A. Thus, the ground raised in all these appeals raising a plea that it is entitled to interest on the amount of interest due to them under section 244A which was short granted to them, would have to be decided in the lig ..... X X X X Extracts X X X X X X X X Extracts X X X X
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