SC upholds interest on tax refund from two months after revised return under Section 38(3)(a)(ii) 2004 Act

SC upheld the HC's decision on the period for which interest on tax refund is payable under Section 38(3)(a)(ii) of the 2004 Act. The HC had held that, as the revised return was filed on 10.07.2015, the assessee's entitlement to refund arose on 10.09.2015, i.e., two months after filing the revised return, and interest was payable from that date until the refund was actually made. SC found no reason to interfere with this reasoning and dismissed the revenue's special leave petitions.

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The Supreme Court dismissed the Special Leave Petitions without interference in the impugned judgment and orders due to the peculiar facts of the case. Delay was condoned, and pending applications were disposed of.

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