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2010 (9) TMI 382 - HC - Income TaxInterest on refund – assessee filed its return of income on December 31, 1992 - the assessee itself declared the amount of transport subsidy received by it to be taxable and voluntarily paid the tax. No claim to the contrary was raised in the course of the assessment proceeding. It is only in the appeal filed that the issue was raised and by the appellate order dated October 27, 1994 the assessee's contentions were upheld. - Consequently, the order deleting the transport subsidy amount from the total income and for consequential refund was passed by the Assessing Officer onDecember 13, 1994. In the above circumstances, it cannot but be held that the assessee was responsible for some delay in grant of refund. Refund being consequential to the order of the learned Commissioner of Income tax (Appeals) dated October 27, 1994 by which, the assessment order dated May 16, 1994 became liable to modification, it will be correct to hold that the assessee will be entitled to interest on the refunded amount, with effect from May 16, 1994 till date of payment of the refundable amount.
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