https://www.taxtmi.com/caselaws?id=218657 The High Court dismissed the Revenue's appeal, upholding the order of the Income Tax Appellate Tribunal. The court emphasized the importance of a meaningful interpretation of Sections 239 and 243 of the Income Tax Act, highlighting the distinction between the time limit for claiming a refund and the payment of interest on delayed refunds. The judgment clarified that interest must be paid at fifteen percent per annum if the refund is not granted within three months from the end of the relevant assessment year, ensuring compliance with the statutory provisions. en-us Tue, 09 Oct 2012 00:00:00 +0530 Thu, 22 Nov 2012 10:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218657 The High Court dismissed the Revenue's appeal, upholding the order of the Income Tax Appellate Tribunal. The court emphasized the importance of a meaningful interpretation of Sections 239 and 243 of the Income Tax Act, highlighting the distinction between the time limit for claiming a refund and the payment of interest on delayed refunds. The judgment clarified that interest must be paid at fifteen percent per annum if the refund is not granted within three months from the end of the relevant assessment year, ensuring compliance with the statutory provisions. Case-Laws Income Tax Tue, 09 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218657