2004 (2) TMI 329

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....he order of the CIT(A)-II, Nagpur, dt. 19th May, 2003, by way of following grounds: (1) On the facts and in the circumstances of the case, the learned CIT(A) erred in granting interest under s. 132B(4)(a) of the IT Act, 1961, on Rs. 8,67,129 @ 15 per cent per annum from 27th April, 2001 to 3rd Oct., 2002. (2) On the facts and in the circumstances of the case, the learned CIT(A) erred in gran....

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....bmitted that the CIT(A) was not justified in granting interest for the period of delay in granting refund and also the interest on interest for the period of delay. 3.1 The learned counsel for the assessee, on the other hand, supported the order of the CIT(A) by relying on the decisions in the following cases: (i) For his claim of interest for the delayed period reliance was placed on the fo....

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....he delayed period and also interest on delayed payment of interest on refund. 4. The facts relating to the issue are that a cash of Rs. 27 lakhs was seized from the assessee at the time of search under s. 132 of the IT Act on 1st Oct., 1999, out of which an amount of Rs. 18,32,871 was adjusted against the demand created as a result of assessment of block period completed on 27th April, 2001. Th....

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....dings in para no. 5 of his impugned order: "I have carefully gone through the facts of the case. The contention of the appellant that sum of Rs. 8,67,129 was unnecessarily withheld by the Department from 27th April, 2001 to 3rd Oct., 2002, without any reason is found to be correct. I am satisfied with the contention of the appellant on the principle of natural justice. Respectfully following th....