https://www.taxtmi.com/caselaws?id=264194 The High Court directed the Revenue to grant compensation by way of interest at 9% per annum on refunded amounts and accrued interest. However, the Supreme Court clarified that interest on refunds can only be claimed as provided for under the statute. The matter was remanded for re-consideration, emphasizing that interest on refunds is limited to statutory provisions. The judgment highlighted the need for a proper application of legal principles in determining the entitlement of the assessee to compensation for delays in payment of refunded amounts. en-us Wed, 26 Feb 2014 00:00:00 +0530 Sat, 19 Sep 2015 08:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264194 The High Court directed the Revenue to grant compensation by way of interest at 9% per annum on refunded amounts and accrued interest. However, the Supreme Court clarified that interest on refunds can only be claimed as provided for under the statute. The matter was remanded for re-consideration, emphasizing that interest on refunds is limited to statutory provisions. The judgment highlighted the need for a proper application of legal principles in determining the entitlement of the assessee to compensation for delays in payment of refunded amounts. Case-Laws Income Tax Wed, 26 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264194