2015 (8) TMI 87

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....Adv. a/w Mr Srihari Iyer, Adv. i/b Srihari ORDER This appeal by revenue under Section 260A of the Income Tax Act, 1961 (the 'Act') challenges the order dated 6 March 2013 passed by Income Tax Appellate Tribunal (the 'Tribunal'). The impugned order dated 6 March 2013 relates to the Assessment Year 1997-98. 2. Mr. Suresh Kumar, the learned Counsel for revenue urges the follo....

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.... assessment year the revenue granted refund of Rs. 76.43 crores in 2007 being the tax paid in excess. The same was handed over to the respondent-assessee alongwith interest of Rs. 9.74 crores for the delayed refund of Rs. 76.43 crores. Thereafter on 10 May 2010, the Assessing Officer while giving effect to the order of the Tribunal for the subject assessment year determined the assessee's refu....

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....ayed refund of the tax. This is so as the interest which is paid to the assessee is for the wrongful withholding of the assessee's refund by the revenue. It has no element of tax which would justify reducing the same from the refund due while computing the interest payable on the delayed payment of refund. 6. In appeal before us the revenue has not been able to point out how the questions o....