https://www.taxtmi.com/caselaws?id=262170 The Bombay High Court dismissed the revenue's appeal challenging the Tribunal's order on the adjustment of the interest portion in a refund granted to the assessee. The Court held that only the tax element, not the interest element, should be adjusted when calculating interest on delayed refunds. The interest paid was considered compensation for the wrongful withholding of the refund by the revenue. The Court ruled in favor of the respondent-assessee, finding no substantial question of law in the appeal and awarded no costs. en-us Tue, 07 Jul 2015 00:00:00 +0530 Tue, 04 Aug 2015 05:47:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262170 The Bombay High Court dismissed the revenue's appeal challenging the Tribunal's order on the adjustment of the interest portion in a refund granted to the assessee. The Court held that only the tax element, not the interest element, should be adjusted when calculating interest on delayed refunds. The interest paid was considered compensation for the wrongful withholding of the refund by the revenue. The Court ruled in favor of the respondent-assessee, finding no substantial question of law in the appeal and awarded no costs. Case-Laws Income Tax Tue, 07 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262170