https://www.taxtmi.com/caselaws?id=216709 The court held that Explanation 2 to Section 234D of the Income Tax Act, 1961 has retrospective effect, applying to refunds granted before 1st June 2003 if assessment proceedings were completed after that date. Interest under Section 234D can be charged on excess refunds even if granted before 1st June 2003. The court overturned the Tribunal's decision, ruling in favor of the revenue. en-us Wed, 12 Sep 2012 00:00:00 +0530 Wed, 05 Aug 2026 15:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216709 The court held that Explanation 2 to Section 234D of the Income Tax Act, 1961 has retrospective effect, applying to refunds granted before 1st June 2003 if assessment proceedings were completed after that date. Interest under Section 234D can be charged on excess refunds even if granted before 1st June 2003. The court overturned the Tribunal's decision, ruling in favor of the revenue. Case-Laws Income Tax Wed, 12 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216709