https://www.taxtmi.com/caselaws?id=434346 The court held that the petitioner is entitled to interest compensation for delays in payment of audit fees at a rate of 7% per annum. The decision was based on the principle that interest should be paid when there is a statutory enactment, trade practice, or agreement to that effect. The court emphasized that a delay of four years or more is unreasonable, and interest is awarded to preserve the real value of money in cases of inordinate delay. Interest accrues from the date of determination in each case until payment, to be made within eight weeks of the court's order. Compliance was scheduled for a specified date. en-us Wed, 18 Jan 2023 00:00:00 +0530 Wed, 22 Feb 2023 08:51:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434346 The court held that the petitioner is entitled to interest compensation for delays in payment of audit fees at a rate of 7% per annum. The decision was based on the principle that interest should be paid when there is a statutory enactment, trade practice, or agreement to that effect. The court emphasized that a delay of four years or more is unreasonable, and interest is awarded to preserve the real value of money in cases of inordinate delay. Interest accrues from the date of determination in each case until payment, to be made within eight weeks of the court's order. Compliance was scheduled for a specified date. Case-Laws Income Tax Wed, 18 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434346