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Commissioner of Income Tax-2, Mumbai Versus M/s. Tata Power Company Ltd.

2015 (8) TMI 87 - BOMBAY HIGH COURT

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 .....

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rest 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. It has no element of tax which would justify reducing the same from .....

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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 Appe .....

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ideration: "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 th .....

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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 revenu .....

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e Assessing Officer while giving effect to the order of the Tribunal for the subject assessment year determined the assessee's refund at ₹ 126.63 crores. The Assessing Officer while determining the interest payable on the refund, reduced th .....

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#8377; 40.46 crores and not on ₹ 50.20 crores as claimed by the respondent-assessee. 5. Being aggrieved, the respondent-assessee carried the issue in appeal. Both the Commissioner of Income Tax (Appeals) (the 'CIT(A)') and the Tribunal .....

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