https://www.taxtmi.com/caselaws?id=17855 The court allowed the writ petition, directing the Assessing Officer to re-examine the claims for interest under Sections 132B(4) and 244 of the Income-tax Act, 1961. It was found that Section 132B had retrospective effect from 1965, extending to outstanding sums from 1975. The court emphasized that interest under Section 132B(4) is payable based on the excess amount retained over liabilities, with the interest period starting from the order under Section 132(5) and ending at regular assessment. Section 244 entitles interest on delayed refunds, contingent on assessments made. The Assessing Officer was instructed to issue a reasoned order after re-evaluation. en-us Thu, 22 Aug 1996 00:00:00 +0530 Fri, 25 Sep 2009 12:34:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17855 The court allowed the writ petition, directing the Assessing Officer to re-examine the claims for interest under Sections 132B(4) and 244 of the Income-tax Act, 1961. It was found that Section 132B had retrospective effect from 1965, extending to outstanding sums from 1975. The court emphasized that interest under Section 132B(4) is payable based on the excess amount retained over liabilities, with the interest period starting from the order under Section 132(5) and ending at regular assessment. Section 244 entitles interest on delayed refunds, contingent on assessments made. The Assessing Officer was instructed to issue a reasoned order after re-evaluation. Case-Laws Income Tax Thu, 22 Aug 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17855