https://www.taxtmi.com/caselaws?id=214850 The ITAT dismissed the Revenue's appeals, affirming the CIT(A)'s direction to re-calculate interest on the tax refund. The ITAT held that interest should be paid on the tax portion of the refund, rejecting the Revenue's interpretation. It emphasized that interest on interest is permissible under the law and aligned its decision with judicial precedents, including rulings of various High Courts. The judgment highlighted the importance of correctly interpreting the Income Tax Act provisions and applying established legal principles. en-us Fri, 25 May 2012 00:00:00 +0530 Wed, 18 Jul 2012 07:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214850 The ITAT dismissed the Revenue's appeals, affirming the CIT(A)'s direction to re-calculate interest on the tax refund. The ITAT held that interest should be paid on the tax portion of the refund, rejecting the Revenue's interpretation. It emphasized that interest on interest is permissible under the law and aligned its decision with judicial precedents, including rulings of various High Courts. The judgment highlighted the importance of correctly interpreting the Income Tax Act provisions and applying established legal principles. Case-Laws Income Tax Fri, 25 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214850