https://www.taxtmi.com/caselaws?id=5286 The Supreme Court held that Life Insurance Corporation (LIC) was liable to pay interest for the delay in payment after the maturity of insurance policies due to its failure to perform its statutory obligation under Section 226(3)(vi) of the Income-tax Act, 1961. The Court upheld the rate of interest at 15% per annum and allowed LIC to seek a refund of the alleged double payment from the Income-tax Officer. The appeal was dismissed with costs quantified at Rs. 2,000. en-us Fri, 08 Sep 1989 00:00:00 +0530 Fri, 13 Feb 2015 17:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5286 The Supreme Court held that Life Insurance Corporation (LIC) was liable to pay interest for the delay in payment after the maturity of insurance policies due to its failure to perform its statutory obligation under Section 226(3)(vi) of the Income-tax Act, 1961. The Court upheld the rate of interest at 15% per annum and allowed LIC to seek a refund of the alleged double payment from the Income-tax Officer. The appeal was dismissed with costs quantified at Rs. 2,000. Case-Laws Income Tax Fri, 08 Sep 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5286