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2015 (11) TMI 112 - AT - Income TaxEligibility for interest on refund - Held that:- AS decided in Vaibhavi Discretionary case [2015 (4) TMI 3 - ITAT MUMBAI] no substance in the argument of the Revenue that the delay in the refund was caused because of the conduct of the assessees. In fact, the assessee was questioning the proposition of the Revenue to assess the income in the hands of the Main Trusts. That is why the beneficiary trusts have filed their individual returns of income disclosing the benefits received from the main trusts also. But when KVSS was pronounced by the Government of India, it was for the assessees to decide whether to take benefit out of that or not. Therefore, it is only when KVSS was promulgated, the assessee had an occasion to make a move and settle the dispute. So also the proceedings were locked up in different appellate forums. Therefore, there is no merit in the argument of the Revenue that the delay was caused by the conduct of the assessees. Therefore, Assessing Officer is directed to pay interest on refund of ₹ 40,442/- till 29.02.1988 and interest on refund of ₹ 11,138/- till 28.11.2000 as prayed. - Decided in favour of assessee.
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