https://www.taxtmi.com/caselaws?id=399548 The HC dismissed the Revenue's appeal, affirming the Tribunal's decision to grant interest on delayed refunds to the assessee. The HC held that under Section 244A of the IT Act, the assessee is entitled to interest on refunds, including interest on any shortfall. The Tribunal's reliance on SC's decision in Sandvik Asia Ltd. was justified, as it recognized the principle of compensating the assessee for wrongful withholding of amounts. The HC found no merit in the Revenue's arguments, concluding that the substantial questions of law were resolved in favor of the assessee, thereby upholding the Tribunal's decision. en-us Wed, 07 Oct 2020 00:00:00 +0530 Tue, 05 Nov 2024 12:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399548 The HC dismissed the Revenue's appeal, affirming the Tribunal's decision to grant interest on delayed refunds to the assessee. The HC held that under Section 244A of the IT Act, the assessee is entitled to interest on refunds, including interest on any shortfall. The Tribunal's reliance on SC's decision in Sandvik Asia Ltd. was justified, as it recognized the principle of compensating the assessee for wrongful withholding of amounts. The HC found no merit in the Revenue's arguments, concluding that the substantial questions of law were resolved in favor of the assessee, thereby upholding the Tribunal's decision. Case-Laws Income Tax Wed, 07 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399548