Allowing the appeal of the revenue the Court held that the Tribunal was not right in allowing the interest on interest. AO is directed to follow the ratio laid down in CIT v. Gujarat Fluoro Chemicals (2013) 358 ITR 291 (SC) and CIT v. H. E. G. Ltd (2010) 324 ITR 331 (SC). (AY. 1997-98)
CIT v. Upasana Finance Ltd. (2021) 435 ITR 172 / 282 Taxman 79 (Mad.)(HC)
S. 244A : Refund-Interest on interest-Tribunal was not right in allowing the interest on interest on interest. [S. 237]