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2004 (1) TMI 634 - ITAT MUMBAIExtract: .......nsidered opinion that interest on income tax refund cannot be said as interest on loans and advances and hence in our opinion, no interest tax is chargeable on the interest received by the assessee from income tax department on income tax refund. The assessee rsquo s succeeds on this ground. 4. In the result, the assessee rsquo s appeal is allowed.
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