https://www.taxtmi.com/caselaws?id=447361 Bombay HC held that petitioner was entitled to interest on refund of Rs. 4,23,60,940/- under equalisation levy. Despite Revenue's contention that no interest provision exists for equalisation levy refunds, court applied Section 244A principles, citing Tata Chemicals Ltd. precedent that refund constitutes debt owed by Revenue. Court awarded 6% p.a. interest from April 1, 2018 to August 21, 2023, directing payment by February 15, 2024, failing which interest would increase to 9% p.a. with personal liability for responsible officers. en-us Mon, 18 Dec 2023 00:00:00 +0530 Wed, 18 Feb 2026 17:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447361 Bombay HC held that petitioner was entitled to interest on refund of Rs. 4,23,60,940/- under equalisation levy. Despite Revenue's contention that no interest provision exists for equalisation levy refunds, court applied Section 244A principles, citing Tata Chemicals Ltd. precedent that refund constitutes debt owed by Revenue. Court awarded 6% p.a. interest from April 1, 2018 to August 21, 2023, directing payment by February 15, 2024, failing which interest would increase to 9% p.a. with personal liability for responsible officers. Case-Laws Income Tax Mon, 18 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447361