Grant of interest on Refunds under section 244A of the Income-tax Act simultaneously with issue of Refund.

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...., 1961 (Act), an assessee is entitled to receive interest calculated in the manner provided in the said section on the amount of refund due under the Act. The interest is to be granted simultaneously with the refund and there should normally be no reason to grant refund without adding the entitled interest. In the case of Sandvik Asia Ltd. v. CIT and others (280 ITR 643), the Honourable Supreme Co....

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....esponsible for the delay. 2. It is necessary to remind all assessing officers that while granting refund to the assesses, care should be taken to ensure that any interest payable under section 244A on the amount of refund due should be granted simultaneously with the grant of refund and there should, in no case, be any omission or delay in the grant of such interest. Failure to do so will be view....