https://www.taxtmi.com/caselaws?id=11157 The court held that under the Income-tax Act, the term "refund" and "any amount" in Section 240 do not include interest on the refund. It clarified that interest payable by the Department is simple interest, not compound interest. The court emphasized that there is no provision in the Act for payment of interest on interest. Consequently, the court dismissed the petitions, discharged the rule, and awarded costs against the petitioners. en-us Fri, 16 Jan 2004 00:00:00 +0530 Sat, 01 Aug 2009 08:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11157 The court held that under the Income-tax Act, the term "refund" and "any amount" in Section 240 do not include interest on the refund. It clarified that interest payable by the Department is simple interest, not compound interest. The court emphasized that there is no provision in the Act for payment of interest on interest. Consequently, the court dismissed the petitions, discharged the rule, and awarded costs against the petitioners. Case-Laws Income Tax Fri, 16 Jan 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11157