https://www.taxtmi.com/caselaws?id=211890 The court held that the petitioners were entitled to interest on the refund of tax paid under the Wealth Tax Act, even though it was paid via self-assessment. It was emphasized that correct legal principles should have been applied initially, leading to an immediate refund. The court clarified that self-assessment payments should be considered for interest on refunds, as they are deemed paid towards regular assessment. Judicial precedents from the Income Tax Act regarding interest on excess tax payments were found applicable to the Wealth Tax Act. The court directed the respondents to compute and disburse the due interest within three months, emphasizing the importance of timely refunds. en-us Fri, 09 Dec 2011 00:00:00 +0530 Wed, 04 Apr 2012 13:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211890 The court held that the petitioners were entitled to interest on the refund of tax paid under the Wealth Tax Act, even though it was paid via self-assessment. It was emphasized that correct legal principles should have been applied initially, leading to an immediate refund. The court clarified that self-assessment payments should be considered for interest on refunds, as they are deemed paid towards regular assessment. Judicial precedents from the Income Tax Act regarding interest on excess tax payments were found applicable to the Wealth Tax Act. The court directed the respondents to compute and disburse the due interest within three months, emphasizing the importance of timely refunds. Case-Laws Wealth-tax Fri, 09 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211890