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The High Court held that after the Income Tax Appellate Tribunal's order, the tax authorities are bound to refund the amount to the petitioner with interest, without requiring any formalities to be completed. The non-functionality of the TRACES Portal cannot be grounds for denying the statutory benefit under the Income Tax Act. Section 243 provides for payment of interest on delayed refunds, while Section 241A about withholding refunds is not applicable in this case. Section 245 allows setting off refunds against outstanding tax payable after giving written intimation. The TRACES Portal's limitations cannot override the assessee's rights under the Income Tax Act. The authorities must complete the refund exercise within 30 days.
The High Court held that after the Income Tax Appellate Tribunal's order, the tax authorities are bound to refund the amount to the petitioner with interest, without requiring any formalities to be completed. The non-functionality of the TRACES Portal cannot be grounds for denying the statutory benefit under the Income Tax Act. Section 243 provides for payment of interest on delayed refunds, while Section 241A about withholding refunds is not applicable in this case. Section 245 allows setting off refunds against outstanding tax payable after giving written intimation. The TRACES Portal's limitations cannot override the assessee's rights under the Income Tax Act. The authorities must complete the refund exercise within 30 days.
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