https://www.taxtmi.com/caselaws?id=30347 The High Court ruled in favor of the petitioner, a company seeking interest on a refund of excess tax deducted at source. The Court held that interest on delayed refunds serves as compensation for the use of the taxpayer's money. Referring to relevant provisions of the Income Tax Act and a Supreme Court precedent, the Court directed the respondents to pay interest at 9% per annum on the refunded amount from a specified period. The judgment emphasized the obligation to promptly grant interest on refunds and set aside previous denials of interest by tax authorities. en-us Tue, 03 Jul 2007 00:00:00 +0530 Sat, 23 Aug 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30347 The High Court ruled in favor of the petitioner, a company seeking interest on a refund of excess tax deducted at source. The Court held that interest on delayed refunds serves as compensation for the use of the taxpayer's money. Referring to relevant provisions of the Income Tax Act and a Supreme Court precedent, the Court directed the respondents to pay interest at 9% per annum on the refunded amount from a specified period. The judgment emphasized the obligation to promptly grant interest on refunds and set aside previous denials of interest by tax authorities. Case-Laws Income Tax Tue, 03 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30347