https://www.taxtmi.com/caselaws?id=17568 The court ruled in favor of the petitioner, quashing the order withholding interest on the refunded amount under the Income-tax Act, 1961. The court emphasized that withholding a refund solely based on pending proceedings must demonstrate an adverse impact on Revenue, which was not established in this case. The court found the reasons provided for withholding the interest unreasonable, especially considering the petitioner's financial performance. The respondents were directed to pay interest on the refunded amount within two months, aligning with statutory provisions, to ensure fairness to the assessee. en-us Tue, 22 Apr 1997 00:00:00 +0530 Wed, 23 Sep 2009 13:24:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17568 The court ruled in favor of the petitioner, quashing the order withholding interest on the refunded amount under the Income-tax Act, 1961. The court emphasized that withholding a refund solely based on pending proceedings must demonstrate an adverse impact on Revenue, which was not established in this case. The court found the reasons provided for withholding the interest unreasonable, especially considering the petitioner's financial performance. The respondents were directed to pay interest on the refunded amount within two months, aligning with statutory provisions, to ensure fairness to the assessee. Case-Laws Income Tax Tue, 22 Apr 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17568