2014 (6) TMI 5

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the Petitioner : Mr. A. V. Sonde, Sr. Counsel For the Respondent : Mr. Girija Dayal ORDER Per Bench The present appeals have been preferred by the assessee challenging the impugned separate orders of even date 28th February 2012, passed by the learned Commissioner (Appeals)-XX, Mumbai, for the assessment year 2003-04, 2002-03, 2001-02 and 1997-98 respectively. Since all these appeals ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nterest on the refund, another contention was raised that since the correct amount of interest on refund was not granted on time, therefore, they are entitled to interest on interest. The learned Commissioner (Appeals) has decided this issue against the assessee on the ground that there is no provision under the Income Tax Act, 1961, for providing interest on interest. Against this finding of the ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he Hon'ble Supreme Court has clarified that only interest provided under the statute which can alone be claimed by the assessee, and not any other interest on statutory interest. Accordingly, the matter should be restored back to the file of the Assessing Officer to compute interest in accordance with the decision of the Hon'ble Supreme Court. The learned Departmental Representative too ag....