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2015 (9) TMI 862 - SC - Income TaxInterest on refund and interest on interest - HC [2007 (7) TMI 221 - GUJARAT HIGH COURT] directed compensation by way of interest at the rate of 9% per annum on the amount for period from July 1, 1987 to November 13, 1990 refunded as well as to make payment of running interest at the rate of 9% per annum on the interest accrued on the aforesaid amounts to the assessee/respondent - Held that:- Since the High Court has primarily relied upon Sandvick Asia case (2006 (1) TMI 55 - SUPREME Court) and directed the Revenue to pay interest on the amounts refunded as provided for under the provisions of Section 244(1A), in light of the decision by this Court in Gujarat Fluoro case (2013 (10) TMI 117 - SUPREME COURT ) wherein held it is only that interest provided for under the statute which may be claimed by an assessee from the Revenue and no other interest on such statutory interest, in our considered opinion, the impugned judgment and order requires to be set aside and the matter be remanded back to the High Court for re- consideration of the stand of the assessee as well as the Revenue once over again. - Decided in favour of revenue for statistical purposes.
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