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GUJARAT STATE FERTILISERS AND CHEMICALS LTD Versus DY. COMMISSIONER OF INCOME TAX, CIRCLE-1

2016 (6) TMI 1029 - GUJARAT HIGH COURT

Interest on delayed payment of interest - Held that:- Considering the decision of the Honble the Supreme Court in the case of Gujarat Fluoro Chemicals (2013 (10) TMI 117 - SUPREME COURT ), the question, which is raised in the present appeals is required to be answered in favour of the revenue wherein it is held that the Legislature inserted Section 244A to the Act which provides for interest on refunds under various contingencies and that it is only that interest provided for under the statute w .....

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ate Tribunal, Ahmedabad Bench A (hereinafter referred to as ITAT) dated 06.09.2006 in ITA Nos. 2348/Ahd/2004 & 2349/Ahd/2004 for the Assessment Year 1995-96 and 1996-97 respectively, the revenue has preferred the present Tax Appeals for consideration of the following substantial question of law: Whether on the facts and in circumstances of the case the Tribunal was right in law in not granting interest on delayed payment of interest 2. The assessee had filed appeal before the Tribunal agains .....

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has submitted that as such the issue involved in the present Tax appeals is now not res integra in view of the decision of the Honble Supreme Court in the case of Commissioner of Income Tax vs. Gujarat Fluoro Chemicals reported in (2013) 358 ITR 291 (SC) wherein the Hon ble Supreme Court has held as under. 5. Since, there was an inordinate delay on the part of the Revenue in refunding the amount due to the assessee this Court had thought it fit that the assessee should be properly and adequately .....

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preted by the assessees and also by the Revenue. They are of the view that in Sandvik case (supra) this Court had directed the Revenue to pay interest on the statutory interest in case of delay in the payment. In other words, the interpretation placed is that the Revenue is obliged to pay an interest on interest in the event of its failure to refund the interest payable within the statutory period. 7. As we have already noticed, in Sandvik case (supra) this Court was considering the issue whethe .....

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