https://www.taxtmi.com/highlights?id=78481 The Appellate Tribunal held that denial of interest on delayed refund of Dividend Distribution Tax (DDT) was incorrect. Lower authorities misinterpreted section 244A(1) and wrongly applied subsequent part of the section. Citing ITC Ltd. case, it emphasized that interest payment is a statutory obligation to the assessee. The Tribunal found the denial of interest illegal and set aside the order, ruling that the assessee is entitled to interest on DDT refund from the date of excess tax payment. Assessee's appeal was allowed. en-us Fri, 14 Jun 2024 07:38:25 +0530 Fri, 14 Jun 2024 07:38:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=78481 The Appellate Tribunal held that denial of interest on delayed refund of Dividend Distribution Tax (DDT) was incorrect. Lower authorities misinterpreted section 244A(1) and wrongly applied subsequent part of the section. Citing ITC Ltd. case, it emphasized that interest payment is a statutory obligation to the assessee. The Tribunal found the denial of interest illegal and set aside the order, ruling that the assessee is entitled to interest on DDT refund from the date of excess tax payment. Assessee's appeal was allowed. Highlights Income Tax Fri, 14 Jun 2024 07:38:25 +0530 https://www.taxtmi.com/highlights?id=78481