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2022 (12) TMI 1083 - AT - Income TaxCalculation of exact amount of interest payable to the assessee on the amount of refund granted under section 244A - HELD THAT:- The amount of refund granted to the assessee, first, has to be adjusted against the interest payable to the assessee in the given facts and circumstances. We are also conscious to the fact that the AO has made a reference in his order to the judgment of Gujarat Flouro chemicals [2012 (8) TMI 740 - SUPREME COURT] in the case on hand before us, the facts are altogether distinguishable from the facts of the case which were there before the Hon’ble Supreme Court as discussed above. In our humble understanding, we find that there was no question before the Hon’ble Supreme Court whether the amount of refund granted by the Revenue first has to be adjusted against the interest or the principal. Accordingly, no benefit can be derived by the revenue based on the judgment of Hon’ble Supreme Court cited above. As such, the issue on hand is identical to the controversy which was there before the Mumbai tribunal in [2016 (8) TMI 688 - ITAT MUMBAI] and the same has been resolved. The relevant extract of the order of the ITAT has already been reproduced somewhere in the preceding paragraph. In view of the above and after considering the facts in totality, we set aside the finding of the learned CIT (A) and direct the AO to allow the amount of interest to the assessee in the light of the aforesaid discussion and as per the provisions of law. Hence, the ground of appeal of the assessee is allowed.
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