TaxTMI 
TaxTMI 
2019 (3) TMI 2117
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....vergudi i/by ANS Law Associates for the Respondent ORDER P.C.: 1. Revenue is in the appeal against the judgment of the Income Tax Appellate Tribunal ("the Tribunal" for short) raising following questions for our consideration:- "(i) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in allowing the assessee's ground of appeal and ....
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.... is: Whether while granting refund to the assessee, consequent to the Tribunal order is the revenue entitled to adjust only the refund paid earlier or is the revenue entitled to adjust also the interest paid along with the refund earlier and pay interest only on the balance. 4. In the present facts for the subject assessment year the revenue granted refund of Rs.76.43 crores in 2007 being....
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.... carried the issue in appeal. Both the Commissioner of Income Tax (Appeals) (the 'CIT(A)') and the Tribunal have on examination of facts correctly held that when a refund of tax has to be reduced by refund already granted it is only the tax element which has to be adjusted and not the interest element paid on the delayed refund of the tax. This is so as the interest which is paid to the as....