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of <h1>SC Stays HC Order on 15% Interest for Tax Refund, Citing Section 244A of Income Tax Act; Seeks Affidavit.</h1> <h3>Assistant Commissioner of Income Tax & Ors. Versus Ms. TSI Business Parks (Hyderabad) Pvt. Ltd.</h3> The SC addressed a petition contesting an HC order that mandated a 15% per annum interest on a tax refund, which the petitioner claimed violated Section ... Unjust adjustment of excess refunds - petitioner submits High Court [2013 (10) TMI 117 - SUPREME COURT] has granted interest on refund at the rate of 15% per annum which is contrary to the provisions of Section 244A and reliance placed on the judgment of Gujarat Fluoro Chemicals [2013 (10) TMI 117 - SUPREME COURT] HELD THAT:- Issue notice, returnable in twelve weeks.Dasti, in addition, is permitted. Counter affidavit be filed within a period of six weeks from the date of service of the notice. Till the next date of listing, there shall be a stay of the direction of the High Court insofar as it pertains to the award of interest in excess of 6% per annum. The Supreme Court, presided over by Hon'ble Dr. Justice D.Y. Chandrachud and Hon'ble Mr. Justice M.R. Shah, addressed a petition challenging a High Court order that granted a 15% per annum interest on a tax refund. The petitioner, represented by Mr. Jitin Singhal and other advocates, argued that this rate contravenes Section 244A of the Income Tax Act, 1961. The petitioner relied on the precedent set in 'Commissioner of Income Tax, Gujarat vs Gujarat Fluoro Chemicals (2014) 1 SCC 126.' The Court issued a notice returnable in twelve weeks, permitting 'Dasti' service, and required a counter affidavit within six weeks. A stay was granted on the High Court's directive for interest exceeding 6% per annum until the next listing date.
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