9911796707
TMI Blog1990 (2) TMI 108X X X X Extracts X X X X X X X X Extracts X X X X ..... e circumstances of the case, the learned CIT(A) has erred in law in holding that for the asst. yr. 1972-73 for which the appellant obtained a refund of advance tax of Rs. 1,60,446 in pursuance of the fresh assessment dt. 31st March, 1982, made by the ITO, after the original assessment order dt. 15th June, 1973, was set aside on appeal, the appellant was entitled to receive interest under s. 214/24 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s concerned, the CIT(A) was not justified in restricting the interest under s. 214 to the date of initial assessment and not upto the date of actual grant of refund. He pointed out that in the ratio of the judgment of the Delhi High Court in the case of NATIONAL AGRICULTURAL CO-OPERTIVE MARKETING FEDERATION OF INDIA LTD. vs. UNION OF INDIA ORS. itself, the assessee was entitled to the relief. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t will be the only practical and plausible interpretation of s. 214(2)." He also referred to the judgment of the Hon'ble Madras High Court in the case of RAYON TRADERS PVT. LTD vs. ITO (1980) 19 CTR (Mad) 204 : (1980) 126 ITR 135 (Mad) where the Hon'ble High Court has held that s. 214(1) would apply to cases where the refund is simultaneous with the regular assessment, but where the refund is d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A), the assessee was entitled to interest on refund upto the actual date of refund of the amount. 3. The learned Departmental Representative on the other hand has supported the order of the CIT(A) and contended that the issue was squarely covered against the assessee and in favour of the Revenue by the above judgment of the Delhi High Court which is binding on all authorities in the Union Terri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CTS 1973 CTR (SC) 177 : (1973) 88 ITR 192 (SC). The Hon'ble Delhi High Court itself has expressed that the claim of interest on refund under s. 214(2) can be considered upto the actual date of refund. In this view of the matter, I am of the opinion that the assessee is entitled to interest on refund under s. 214(2) upto the date of atual refund I, therefore, reverse the order of the CIT(A) and dir ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
