2014 (1) TMI 25

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..... R: Manjula Chellur Heard learned Standing Counsel for the Revenue. The entire issue revolves around the issue whether the assessee was entitled for interest on the refund of the amount even with regard to the quantum or amount that was the subject of assessment proceedings so far as TDS amounts are concerned. According to the Department, the time taken by the assessee for curing defects in the .....

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..... ting the TDS certificates. This became the challenge before the Commissioner of Income Tax (Appeals) and CIT(Appeals) allowed the appeal. Therefore, the Revenue went before the Tribunal. 3. The Tribunal, at paragraph 7 of the order, has in detail reproduced the reasoning of the appellate authority and after hearing the parties, placing reliance on the decision of Bombay High Court in Commissioner .....

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..... lying with the revenue. The interest is payable on account of the amount in excess of what is payable was remaining with the revenue and not for the delay caused by the revenue in determining the refund of the amount. In that view of the matter as the excess amount was remaining with the revenue, interest is to be paid on the amount to be refunded to the appellant assessee. We find no good reason .....

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