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TMI Blog2016 (6) TMI 1029X X X X Extracts X X X X X X X X Extracts X X X X ..... e answered in favour of the revenue wherein it is held that the Legislature inserted Section 244A to the Act which provides for interest on refunds under various contingencies and that it is only that interest provided for under the statute which may be claimed by an assessee from the Revenue and no other interest on such statutory interest. - Decided against assessee - TAX APPEAL NO. 674 of 2007 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yment of interest 2. The assessee had filed appeal before the Tribunal against the orders of CIT(A) for both the assessment years 1995-96 and 1996-97 upholding the order of Assessing Officer u/s 154 in not allowing the claim of the assessee for interest on the interest due and granted u/s 244A. The Tribunal after hearing the parties dismissed the appeals and confirmed the order passed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rected the Revenue to pay a compensation by way of interest for two periods, namely; for the Assessment Years 1977-78, 1978- 79, 1981-82, 1982- 83 in a sum of ₹ 40,84,906/- and interest @ 9% from 31.03.1986 to 27.03.1998 and in default, to pay the penal interest @ 15% per annum for the aforesaid period. 6. In our considered view, the aforesaid judgment has been misquoted and misinterpr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... part of the Revenue in refunding certain amount which included the statutory interest and therefore, directed the Revenue to pay compensation for the same not an interest on interest. 8. Further it is brought to our notice that the Legislature by the Act No. 4 of 1988 (w.e.f. 01.04.1989) has inserted Section 244A to the Act which provides for interest on refunds under various contingencies. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evenue. We are not giving any elaborate reasons for the same as in the case of Gujarat Fluoro Chemicals (Supra) it is held by Honble the Supreme Court that the Legislature inserted Section 244A to the Act which provides for interest on refunds under various contingencies and that it is only that interest provided for under the statute which may be claimed by an assessee from the Revenue and no o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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