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2015 (7) TMI 1123 - ITAT MUMBAI

2015 (7) TMI 1123 - ITAT MUMBAI - TMI - Entitlement to interest u/s. 244A - method of adjustment of the refunds already granted - Held that:- An identical issue was decided by the Tribunal in assessee’s own case wherein held that the amount refunded by the Revenue has to be adjusted towards interest payable to the assessee and the balance, if any shall be adjusted towards tax. - I.T.A. No. 918/Mum/2014 - Dated:- 22-7-2015 - Sushma Chowla (Judicial Member) And N. K. Billaiya (Accountant Member) F .....

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The amount of tax included in the refund has been wrongly considered on account of adjusting the part refund already granted against the tax refund due as against adjusting the same first against the interest refund due and thereafter against the tax refund due. The CIT(A) erred in relying on the decision of CIT Vs Gujarat Flouro Carbons Ltd. 358 ITR 291 (SC) since in that case the issue was not on method of adjustment of the refunds already granted. 3. At the very outset, the Ld. Counsel for th .....

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he authorities below qua the issue before us. We find force in the contention of the Ld. Counsel. An identical issue was decided by the Tribunal in assessee s own case. We find that the Tribunal at para-4 of its order has considered the facts which read as under: Undisputedly for A.Y. 1988-89 the assessee is entitled to refund of ₹ 14.07 crores as per assessment order and interest payable thereon works out to ₹ 1.58 crores, thus total refund due is ₹ 15.65 crores. The AO grante .....

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omponednt) and ₹ 1,58,28,9901/- (interest component). Reason s for such calculation was that according to the AO no interest is payable on interest due in which event, even if there is substantial delay in interest payable, the assessee can be made to wait unendingly without payment of interest. Though, before the AO as well learned CIT(A), the assessee s claim of interest u/s. 244A is not properly focussed but sum and substance of the assessee s case before us is that in the event of adju .....

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