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TMI Blog2018 (12) TMI 694X X X X Extracts X X X X X X X X Extracts X X X X ..... imed by an assessee from the Revenue and no other interest on such statutory interest. The clarification has put it in the proper perspective and the facts in the present case do not commend such a drastic measure of interest on interest. We, hence, allow the appeals and set aside the order of the Tribunal on the sole issue of grant of interest on interest on the refunds and answer the question ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed is as to whether the Tribunal was correct in having granted interest on interest with respect to the refund for the various periods. The Tribunal had granted the same on the basis of the decision in Sandvik Asia Ltd. v. CIT [ (2006) 280 ITR 643 (SC) ]. The said two-Judge decision was clarified by a later three-Judge Bench in Commissioner of Incom e -tax v. Gujarat Fluoro Chemicals [ (2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is made to wait for refund of interest for decades be compensated for the great prejudice caused to it due to the delay in its payment after the lapse of statutory period. In the facts of that case, this court had come to the conclusion that there was an inordinate delay on the part of the Revenue in refunding certain amount which included the statutory interest and, therefore, directed the Reven ..... X X X X Extracts X X X X X X X X Extracts X X X X
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