https://www.taxtmi.com/caselaws?id=291006 The Tribunal allowed the assessee's appeal, directing the AO to recompute interest on the refund under Section 244A of the Income Tax Act, adhering to principles from the Union Bank of India case. It emphasized that refund calculations should not separate tax and interest portions, ensuring fairness akin to tax collection. The revenue's appeal was dismissed, aligning with precedents from the Delhi HC and the Supreme Court, affirming that interest on unpaid refunds should not be considered as interest on interest. The decision was pronounced in open court on 20th December 2018. en-us Thu, 20 Dec 2018 00:00:00 +0530 Wed, 13 Nov 2024 13:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291006 The Tribunal allowed the assessee's appeal, directing the AO to recompute interest on the refund under Section 244A of the Income Tax Act, adhering to principles from the Union Bank of India case. It emphasized that refund calculations should not separate tax and interest portions, ensuring fairness akin to tax collection. The revenue's appeal was dismissed, aligning with precedents from the Delhi HC and the Supreme Court, affirming that interest on unpaid refunds should not be considered as interest on interest. The decision was pronounced in open court on 20th December 2018. Case-Laws Income Tax Thu, 20 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291006