https://www.taxtmi.com/caselaws?id=426293 The court upheld the ITAT's decision, affirming the respondent's entitlement to interest on the refund under Section 244A(1)(b) of the Income Tax Act. The court dismissed the Revenue's appeal, emphasizing that the refunded amount does not constitute 'interest on interest' and is a return of money. The court distinguished the case from a pending reference and relied on precedent to support the decision. This judgment reinforces the obligation of the government to pay interest on refunds to compensate for undue retention of funds by the Revenue. en-us Thu, 04 Aug 2022 00:00:00 +0530 Mon, 10 Oct 2022 15:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426293 The court upheld the ITAT's decision, affirming the respondent's entitlement to interest on the refund under Section 244A(1)(b) of the Income Tax Act. The court dismissed the Revenue's appeal, emphasizing that the refunded amount does not constitute 'interest on interest' and is a return of money. The court distinguished the case from a pending reference and relied on precedent to support the decision. This judgment reinforces the obligation of the government to pay interest on refunds to compensate for undue retention of funds by the Revenue. Case-Laws Income Tax Thu, 04 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426293