2004 (1) TMI 634

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..... order of learned CIT(A), Mumbai, dated 17-11-1997. The only issue raised in this appeal is regarding chargeability of interest tax on the interest received by the assessee on income tax refund. 2. It was argued by the learned AR of the assessee that under section 2(7) of the Interest-tax Act, 1974, interest is defined as "interest on loans and advances made in the year". It was submitted by t .....

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..... interest tax. 3. We have considered the rival submissions and perused the material on record and in the facts and circumstances of the case, we are of the considered opinion that interest on income tax refund cannot be said as interest on loans and advances and hence in our opinion, no interest tax is chargeable on the interest received by the assessee from income tax department on income tax .....

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