2015 (7) TMI 1123

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....nt Member) This appeal by the assessee is preferred against the order of the Ld. CIT(A)-24, Mumbai dt. 1.11.2013 pertaining to Assessment year 2005-06. 2. The grievance of the assessee reads as under: "The Ld. CIT(A) erred in confirming the order of AO in wrongly considering the amount of tax included in the refund granted which resulted in short granting of interest u/s. 244A of Rs....

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....sessee's own case should be followed. 4. Per contra, the Ld. Departmental Representative could not bring any distinguishing decision in favour of the Revenue. 5. We have given a thoughtful consideration to the orders of the authorities below qua the issue before us. We find force in the contention of the Ld. Counsel. An identical issue was decided by the Tribunal in assessee's own case. We f....

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....,541/- (tax componednt) and Rs. 1,58,28,9901/- (interest component). Reason s for such calculation was that according to the AO no interest is payable on interest due in which event, even if there is substantial delay in interest payable, the assessee can be made to wait unendingly without payment of interest. Though, before the AO as well learned CIT(A), the assessee's claim of interest u/s. 244A....

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....e amount shall first be adjusted towards interest payable and balance, if any, shall be adjusted towards tax payable (in the instant case tax refundable to the assessee). and at para-6, the Tribunal held as under: " We have carefully considered the rival submissions. As rightly pointed out by the assessee Hon'ble Delhi High Court rightly explained that the amount refunded by the Revenu....