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: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: due date for vat payment :: ACCOUNTING STANDARDS :: VAT Audit :: TDS :: articles on VAT and GST in India :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD
 
 
From the Courts »
 COMMISSIONER OF INCOME TAX-IV Vs. HOTZ INDUSTRIES LTD.
 COMMISSIONER OF INCOME TAX-IV Vs. HOTZ INDUSTRIES LTD.
 Income tax OfficerWard 8(2)-4 2nd Floor Aayakar Bhavan, M.K. Road Mumbai-400 020. Vs.M/s. Prolific Consultancy Services (Mumbai) Pvt. Ltd. Nagardas Road Andheri (E) Mumbai-400 069.
 Bharat Gears Ltd., 512, Surya Kiran Building, 19, K.G.Marg, New Delhi Vs ACIT, Central Circle-II, New Delhi.
 ACIT, Central Circle-09, ARA Centre, Jhandewalan Extn., New Delhi Vs. Anil Khandelwal, G-40, Saket, New Delhi.
 DDIT, Trust Circle-IV, New Delhi. Vs. The Ajay G. Piramal Foundation, 40-Community Centre, 3rd Floor, Zamrudpur, New Delhi.
 Asst. CIT-12(1), Room No.117, Aayakar Bhavan, M. K. Marg, Mumbai-400 020 Vs. Business India 17/19, Wadia Building, Dalmal Street, Fort, Mumbai-400 001
 Anil Kumar Singhal, D-55, Mahendru Enclave, Opp. Model Town-III, Delhi-110033 Vs ITO, Ward-37(1), New Delhi.
 ACIT, Circle-24(1), Room No.-238-B, 2nd Floor, C.R. Building, I.P.Estate, New Delhi. Vs Ful Kant Jha, 13, Hauz Khas, New Delhi
 Western India Shipyard Ltd., Prabhakar Murmugao Harbour Vasco, Goa. Vs. ITO, Ward-18(3), New Delhi.
 Bharat Gears Ltd., 512, Surya Kiran Building, 19, K.G.Marg, New Delhi Vs. Central Circle-II, New Delhi.

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 2014 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