TMI Blog2015 (8) TMI 87X X X X Extracts X X X X X X X X Extracts X X X X ..... at:- Both the CIT(A) and the Tribunal have on examination of facts correctly held that when a refund of tax has to be reduced by refund already granted it is only the tax element which has to be adjusted and not the interest element paid on the delayed refund of the tax. This is so as the interest which is paid to the assessee is for the wrongful withholding of the assessee's refund by the revenue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of law as framed in the appeal memo for our consideration: A. Whether, the Tribunal erred in law in holding that the interest portion of the refund arising out of the order giving effect to appellate authority has to be ignored for the purpose of calculating interest under section 244A to the assessee? B. Whether, the Tribunal erred in law in interpreting provisions of section 244A of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8377; 126.63 crores. The Assessing Officer while determining the interest payable on the refund, reduced the refund of ₹ 86.17 crores (Tax amount of ₹ 76.43 crores + Interest of ₹ 9.74 crores) out of the refund of ₹ 126.63 crores as determined. Consequent to the above adjustment the appellant granted interest to the respondent on ₹ 40.46 crores and not on ₹ 50.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... how the questions of law as formulated arise in the present appeal. Further the ground of appeal also does not indicate in what manner does the impugned order on a reading of Section 244A of the Act gives rise to the question framed for our consideration. 7. We find that no fault can be found with the impugned order of the Tribunal. In any event the impugned order does not give rise to any sub ..... X X X X Extracts X X X X X X X X Extracts X X X X
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