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From the Courts »
 Take Notice that the matters shown in the list which are to be heard by the 'Constitution Bench (CB) consisting of the Five Hon'ble Judges' will be listed before the Hon'ble Chief Justice's Court from Tuesday the 29th April, 2014. - Download List.
 commissioner of income tax-iv Vs. m/s devasan investment pvt. ltd
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 Assistant Director of Assistant Director of Income Tax, Income Tax, International Taxation, International Taxation, Dehradun. Dehradun. Vs.. M/s Dolphin Drilling Limited, M/s Dolphin Drilling Limited, M/s Dolphin Drilling Limited, C/o Nangia & Co., C/o Nangia & Co., 75/7, Rajpur Road, 75/7, Rajpur Road, Dehradun. Dehradun.
 Golden Cross Pharma Pvt. Ltd. 12, Gunbow Street, Fort Mumbai-400 001. Vs. The Asstt. Commissioner of Income tax, Range-6(3) 5th Floor, Aayakar Bhavan, Room No.509/562 M.K. Road Mumbai-400 020.
 M/s. Lynx Synergy & Solutions P. Ltd. Income Tax Officer - 5(2)(3) A-307, Virwani Industrial Estate Mumbai 3rd Floor, Western Express High Way Vs. Goregaon (E), Mumbai 400063

CIT vs. Gujarat Flouro Chemicals (Supreme Court)
October, 04th 2013

S. 244A: The department is not obliged to pay interest on interest as that is not provided in the law. Sandvik Asia 280 ITR 643 (SC) awarded compensation for inordinate delay on its facts

In Sandvik Asia 280 ITR 643 (SC) the Supreme Court held that if the department delays paying interest on the refunded amount, the assessee is entitled to interest on interest. Subsequently, in CIT vs. Gujarat Flouro Chemicals, a view was expressed that Sandvik Asia 280 ITR 643 (SC) did not lay down the correct law and ought to be reconsidered. The matter was referred to a larger Bench. HELD by the larger Bench:

The judgment in Sandvik Asia 280 ITR 643 (SC) has been misquoted and misinterpreted by the assessees and also by the Revenue. Their view that in Sandvik case this Court had directed the Revenue to pay interest on the statutory interest in case of delay in the payment and that the Revenue is obliged to pay an interest on interest in the event of its failure to refund the interest payable within the statutory period is not correct. In Sandvik Asia, the Court was considering the issue whether an assessee who 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 came 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 Revenue to pay compensation for the same but not an interest on interest. S. 244A provides for interest on refunds under various contingencies. It is clarified 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.

 
 
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