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TMI Blog2020 (2) TMI 1620X X X X Extracts X X X X X X X X Extracts X X X X ..... espondent by : Mr.R.vijayaraghavan, Advocate O R D E R PER M. BALAGANESH, ACCOUNTANT MEMBER: These appeal of the Revenue arise out of the order of the ld Commissioner of Income Tax (LTU Appeals), Chennai, in ITA No.2/2008- 09/LTU(A) dated 25.04.2008 for assessment year 1989-90. 2. The only issue to be decided in the appeal of Revenue is with regard to grant of interest under Section 244A of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T Vs. Gujarat Fluoro Chemicals reported in 358 ITR 291(SC) and in accordance with law. Hence, the present appeal is to be decided pursuant to the directions of the Hon'ble Madras High Court. Thereafter, the assessment originally revised on 16.11.1992 was further revised to give effect to the order of the Tribunal in I.T.A. No. No.32/Mds./1993 dated 06.02.2003. Accordingly, the Ld. A.O framed the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st on interest. Against this order of learned CIT(A), the Revenue is in appal before us. 4. We find that the law is very well settled that the assessee is is not entitled for interest on interest. However, the manner in which any refund, which has been granted partly to the assessee is to be adjusted first towards interest due to the assessee, and remaining portion should be adjusted towards the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A, the amount paid as self assessment tax is first adjusted against the interest payable by the assessee and only the balance is adjusted against the tax payable. D) This is the manner of adjustment prescribed by the Income Tax Act under Section 140A and the same manner of adjustment should also be applied for calculating interest under Section 244A." We find lot of force in the Petition under ..... X X X X Extracts X X X X X X X X Extracts X X X X
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