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: cpt :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: empanelment :: TDS :: VAT RATES :: ACCOUNTING STANDARDS :: form 3cd :: VAT Audit :: list of goods taxed at 4%
From the Courts »
 The ITO 25(2)(2), C-11 Bldg.,Pratyakshkar Bhavan,Bandra Kurla Complex,Bandra (E),Mumbai-400,051 Vs. Shri Pradeepkumar Babulal Solanki, Shop No.2, Santok Chawal, Main Carter Road, Borivali(E), Mumbai-400,066
 M/s. Puja Impex Pvt. Ltd., 161, Atlanta Premises Co. Op. Soc. Ltd., Nariman Point, Mumbai-400 021 Vs. The ITO, Range-3(2)(4), Aayakar Bhavan, Mumbai-400 020
 Shri Pravin V. Vora, 101, Sudama Kutir, Station Road,Bhayander(W) Vs. The nACIT, Circle 2, Thane
 DCIT, Circle-9(1), Room No.-163, C.R. Building, New Delhi. Vs. M/s State Farms Corporation of India Ltd., Farm Bhawan, 14-15, Nehru Place, New Delhi.
 M/s Dassault Systems India Pvt. Ltd., C-233-LFG, Defence Colony, New Delhi-110024 Vs. DCIT, Circle-10(1), New Delhi
 ADG Ceremonial & Welfare Directorate Integrated HQ Ministry of Defence, Room No. 53, Wing 7, West Block III R K Puram, Vs. DIT (Exemptions) New Delhi
 Vodafone India Limited (Formerly Vodafone Essar Ltd.) Peninsula Corporate Park Ganpat Rao, Kadam Marg, Lower Parel, Mumbai 400 013. Vs. Addl. Commissioner of Income Tax, Range 1,Chandigarh.
 Shri Atul Sanghvi 1607B, Sankarsett Palace, Nana Chowk, Mumbai 400 007 Vs. Asst. CIT CEN-1 Mumbai
 Swami Nath Tiwari, Prop M/s Anjani Air Cargo, E-40, Street No.-1, West Vinod Nagar, Delhi-110092. Vs. ITO, Ward-39(4), New Delhi.
  S.D.Malik, C-152, FF, Lajpat Nagar-II, New Delhi Vs. DCIT, Central Circle-20, ARA Centre, Jhandewalan Extn., New Delhi-110055.
 Capricorn Packaging & Manufacturing Pvt. Ltd., C/o-M/s RRA TAX INDIA, D-28, South Extension, Part-I, New Delhi-110049 Vs. ITO, Ward-3(2), 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 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