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2022 (3) TMI 137 - AT - Income TaxInterest under section 244A - refund of “any amount” arises to the appellant out of advance/TDS/tax paid - HELD THAT:- As per section 244A of the Act, the assessee is entitled for interest on refund due from a particular period and except this, the assessee is not entitled for interest on interest, in case there is delay in refund payable to the assessee. This provision has been explained by the Hon'ble Supreme Court in the case of CIT Vs. Gujarat Flouro Chemicals [2013 (10) TMI 117 - SUPREME COURT] after considering its earlier judgement in the case of M/s.Sandwik Asia Ltd. vs. CIT [2006 (1) TMI 55 - SUPREME COURT] has very categorically held that the assessee is entitled only for interest provided under the Act for specified period, but not interest on interest while granting refund to the assessee u/s.244A.. Therefore, we are of the considered view that there is no merit in arguments taken by the counsel for the assessee that assessee is entitled for interest on interest while granting refund due to the assessee. Thus we are of the considered view that the assessee is not entitled for interest on interest u/s.244A of the Act, while granting refund due. The learned CIT(A), after considering relevant facts has rightly held that the assessee is not entitled for interest on interest u/s.244A of the Act. Hence, we are inclined to uphold findings of the learned CIT(A) and dismiss appeal filed by the assessee.
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