https://www.taxtmi.com/caselaws?id=752648 The Bombay HC quashed an AO's order dated 26th August 2019 for failing to compute interest under section 244A following established judicial precedents. The AO improperly dissected the ratio of the Delhi HC decision in India Trade Promotion Organisation case instead of simply implementing ITAT directions. The court clarified that interest on delayed refund amounts constitutes primary amount requiring further interest calculation, not compound interest. The matter was remanded to AO with strict directions to apply India Trade Promotion Organisation principles for computing section 244A interest payable to petitioner. en-us Tue, 29 Aug 2023 00:00:00 +0530 Wed, 15 May 2024 17:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752648 The Bombay HC quashed an AO's order dated 26th August 2019 for failing to compute interest under section 244A following established judicial precedents. The AO improperly dissected the ratio of the Delhi HC decision in India Trade Promotion Organisation case instead of simply implementing ITAT directions. The court clarified that interest on delayed refund amounts constitutes primary amount requiring further interest calculation, not compound interest. The matter was remanded to AO with strict directions to apply India Trade Promotion Organisation principles for computing section 244A interest payable to petitioner. Case-Laws Income Tax Tue, 29 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752648