Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: ACCOUNTING STANDARD :: VAT RATES :: due date for vat payment :: cpt :: empanelment :: Central Excise rule to resale the machines to a new company :: form 3cd :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
From the Courts »
 M/s Swarovski India Pvt. Ltd Vs. Deputy Commissioner Of Income Tax
 Syed Ahmed Abbas Naqvi 705, Sea Creast No. 2, J. P. Road, Seven Bunglows, Andheri (W), Mumbai-400 061 Vs. Dy. CIT, Central Circle-2, Mumbai
 DHL Logistics Pvt Limited, 201A, Silver Utopia, Cardinal Gracias Road, Chakala, Andheri (E), Mumbai-400059 Vs. Dy. Commissioner of Income Tax, Cir. 9(3)(1), Mumbai.
 The Asstt. Commissioner of Income Tax, Range 9(1), Room NO.223, Aayakar Bhavan, M K Road, Mumbai-400020 Vs. M/s Deesan Agrotech Limited,4A, Vikas Centre, 104,S V Road,Santacruz(W),Mumbai-400054
 Smt. Divya Jain, C-215, Vivek Vihar, Delhi (PAN: AECPJ4086M) Vs. ACIT, Central Circle-03, Room No. 355, 3rd floor, Jhnadewalan Extension, New Delhi 110 055
 ITO (TDS) Aayakar Bhavan Rohtak Gannaur, Vs. Veetee Fine Food Ltd. VPO Larsouli Teh. Sonepat
 DCIT, Circle 1(1) Room no. 390, New Delhi vs. Amar Ujala Publications Ltd. Daryaganj C.R.Bldg. 2/16, Ansari road New Delhi
 Mr.Rajat Indulal Doshi, 1-E, 1st floor, Dil Pazir Bhulabhai Desai road, Warden Road, Mumbai-400026 Vs. The Asstt. Commissioner of Income Tax, Circle No.16(1), Matru Mandir, Mumbai-400007.
 ACIT, Circle-6(3) R.No.522, 5th Floor Aayakar Bhavan, M.K. Road Mumbai-400 020. Vs. M/s.Morarjee Textiles Ltd. 2nd floor, Peninsula Spenta MAthuradas Mills Compound Senapati Bapat Marg, Lower Parel Mumbai-400 013.
 M/s Hiranandani Akruti J V,Akruti Trade Centre,Road No.7,Marol, MIDC,Andheri (E),Mumbai-400093 Vs. Dy.. Commissioner of Income TaxCC 36, Room No.11, Gr.Floor, Aayakar Bhavan, M K Road, Mumbai-400020.
 ACIT(TDS) 13-A, Subhash Road, Dehradun Vs. State Bank of India, Tel Bhawan, Dehradun

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.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2015 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions