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2015 (8) TMI 87 - BOMBAY HIGH COURT

2015 (8) TMI 87 - BOMBAY HIGH COURT - TMI - Calculation of interest under section 244A - 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? - Held that:- 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 eleme .....

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J. For the Appellant : Mr Suresh Kumar, Adv. For the Respondents : Mr Dinesh Vyas, Senior Adv. a/w Mr Srihari Iyer, Adv. i/b Srihari ORDER This appeal by revenue under Section 260A of the Income Tax Act, 1961 (the 'Act') challenges the order dated 6 March 2013 passed by Income Tax Appellate Tribunal (the 'Tribunal'). The impugned order dated 6 March 2013 relates to the Assessment Year 1997-98. 2. Mr. Suresh Kumar, the learned Counsel for revenue urges the following questions of l .....

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see, consequent to the Tribunal order is the revenue entitled to adjust only the refund paid earlier or is the revenue entitled to adjust also the interest paid alongwith the refund earlier and pay interest only on the balance. 4. In the present facts for the subject assessment year the revenue granted refund of ₹ 76.43 crores in 2007 being the tax paid in excess. The same was handed over to the respondent-assessee alongwith interest of ₹ 9.74 crores for the delayed refund of ₹ .....

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