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2017 (12) TMI 750 - AT - Income TaxRecourse to the provisions of Section 158A - provisions for avoiding repetitive appeals - amortization of depreciation in value of investments disallowed - Held that:- Upon perusal, we concur with the submissions that identical matter is sub-judice before Hon’ble Bombay High Court. Hence, the provisions of Section 158A titled as ‘procedure when assessee claims identical question of law is pending before High Court or Supreme Court’ squarely apply to the facts of the case. The Ld. AR, vide letter dated 10/11/2017 has placed on record application in Form No. 8 read with Rule 16 of Income Tax Rules pursuant to Section 158A. Hence, without delving much deeper into the matter, we restore the matter to the file of Ld. AO for completion of all formalities as envisaged by Section 158A. Needless to say that the matter on merits shall be kept in abeyance till the outcome of the decision of Hon’ble Court in the cited appeals. Resultantly, the assessee’s appeals stands allowed for statistical purposes. Grant interest on interest u/s 244A - inordinate delay in granting the refund to the assessee - Held that:- here is no provision in the Income Tax Act to grant interest on interest, whatsoever of any nature and whatsoever are the circumstances. We, as a quasi-judicial authority, could not go beyond realm of the provisions of law and are bound by the statutory provisions. Therefore, on factual matrix, we find ourselves in agreement with the subsequent judgment of larger bench of Hon’ble Apex Court rendered in CIT vs Gujarat Fluoro Chemical(2013 (10) TMI 117 - SUPREME COURT). Therefore, respectfully following the same and in view of the statutory provisions as contained in Section 244A, we are of the considered opinion that the assessee could not be granted any interest whatsoever of any nature which was not authorized by the express provisions of law. Resultantly, the assessee’s appeal stands dismissed.
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