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Income Tax Appellate Tribunal, ‘A’ BENCH, CHENNAI
Before: SHRI GEORGE MATHAN & SHRI S. JAYARAMAN
Per contra, the ld.DR supported the orders of the lower authorities.
We heard the rival submissions and gone through the Hon’ble Apex Court’s decision cited supra. Since the tax due had already been paid which was not less than the tax payable on the returned income which was accepted, the question of levy of interest does not arise. Therefore, we find merit in the appeals of the assessees and hence allow the appeals.
In the result, both the assessees appeals are allowed.