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Nirma Industries Pvt. Ltd. Versus The ACIT, Circle-5, Ahmedabad

2017 (10) TMI 578 - ITAT AHMEDABAD

Compensation for issuing delayed refund - Claim of interest payable by the Revenue - Held that:- Section 214 does not provide for payment of compensation by the Revenue to the assessee in whose favour a refund order has been passed. See Gujarat Flouro Chemicals case [2012 (8) TMI 740 - SUPREME COURT] - Decided against assessee. - ITA No. 3048/Ahd/2013 - Dated:- 20-4-2017 - Shri S. S. Godara, Judicial Member And Shri Amarjit Singh, Accountant Member For The Revenue : Shri Deepak Sutaria, Sr. D.R. .....

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and facts. 2) In law and in facts and circumstances of the Appellant's case, the learned CIT(A) has grossly erred in rejecting appellant's contention that compensation ₹ 37,360/- should be given for issuing delayed refund. 3. Brief facts of the case on the issue in ground of appeal is that the assessing officer had granted refund on the application of the assessee vide order u/s. 154 of the act made on 06-07-2012. The assessee filed appeal before the ld. CIT(A) that the assessing .....

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e. Appellant has relied on various decisions in which interest on delay in payment of interest u/s.244A have been allowed to the assessee. Appellant has also invited attention to the orders of my predecessor Ld. CIT(A) in the case of Nirma Ltd. in which the A.O. has been directed to grant interest. These directions were mainly given in view of decision of Hon'ble Supreme Court in the case of Sandvik Asia 280 ITR 643. The Hon'ble Supreme Court has recently delivered a contrary decision in .....

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und order has been passed. It was further observed by the Hon'ble Supreme Court that in Sandvik Asia case interest was ordered on the basis of equity and also on the basis of Article 265 of constitution. Hon'ble Supreme Court has further held as under :- 'We have serious doubts about the correctness of the judgement in Sandvik Asia [supra]. In our view, the judgment of this Court in the case of Modi Industries Limited vs. Commissioner of Income tax, 1995 (6) S.C.C. 396 correctly hold .....

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