TMI Blog2021 (4) TMI 752X X X X Extracts X X X X X X X X Extracts X X X X ..... le under Section 244A(1) to the assessee cannot be upheld. Following the ratio laid down by the Apex Court and the Delhi High Court, the substantial questions of law are decided in favour of the appellant - Revenue and the order passed by the Income Tax Appellate Tribunal is set aside and the matter is remitted back to the Assessing Officer for fresh consideration. The Assessing Officer is directed to decide the matter afresh, following the ratio laid down by the Hon'ble Supreme Court of India in the judgments reported in CIT Vs. Gujarat Fluoro Chemicals [ 2013 (10) TMI 117 - SUPREME COURT] AND CIT Vs. H.E.G. Ltd. [ 2009 (12) TMI 35 - SUPREME COURT] and pass orders after giving notice to the assessee. - Tax Case Appeal No.1018 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... circumstances of the case, the Income Tax Appellate Tribunal was right in its conclusion that the department should pay interest on interest especially when there was no inordinate delay in the payment of refund? 4.Though notice has been duly served on the respondent and their name has been printed in the cause list, none appeared for them. 5.When the appeal is taken up for hearing, Mr.M.Swaminathan, learned senior standing counsel appearing for the appellant Revenue submitted that after the judgment of the Hon'ble Supreme Court in the case of M/s.Sandvik Asia Limited Vs. CIT reported in [2006] 280 ITR 643 (SC), a three Judge Bench of the Hon'ble Supreme Court in the case of CIT Vs. Gujarat Fluoro Chemicals reported in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er section 199, during the financial year immediately preceding the assessment year, such interest shall be calculated at the rate of one-half per cent] for every month or part of a month comprised in the period from the 1st day of April of the assessment year to the date on which the refund is granted: Provided that no interest shall be payable if the amount of refund is less than ten per cent of the tax as determined under sub-section (1) of section 115WE or sub-section (1) of section 143 or on regular assessment; (b) in any other case, such interest shall be calculated at the rate of one-half per cent for every month or part of a month comprised in the period or periods from the date or, as the case may be, dates of payment of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... during the hearing that India Trade Promotion Organisation (supra) has become final since the revenue's appeal was withdrawn. This Court is of the opinion that such detail notwithstanding, the law declared in Gujarat Fluoro Chemicals (supra) is binding and permits no deviation. 7.The learned senior standing counsel further submitted that the ratio laid down by the Hon'ble Supreme Court of India and the Division Bench of the Delhi High Court squarely covers the substantial question of law that are raised in the present appeal. 8.On a reading of the judgments of the Hon'ble Supreme Court as well as the Division Bench of the Delhi High Court, we are satisfied that the questions of law that are raised in the present appe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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