2010 (2) TMI 1242

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....77; 11,17,907-00 with subsequent interest and for costs. Along with the counter affidavit the petitioner herein filed a calculation memo stating that they had deposited ₹ 11,02,218-00 after deducting ₹ 11,269-00 and ₹ 7,968/- towards income tax at 10.3% on ₹ 1,09,410/- being interest accrued on ₹ 4,24,272- 00 apportioned to the share of the 1st petitioner and TDS at 10.3% on ₹ 77,363/-, the interest accrued on ₹ 3,00,000/- apportioned to the share of the 2nd petitioner for the period from 11.3.2004 to 17.8.2007. Relying on the judgment of the Gujarat High Court in Hansguri Prafulchandra Ladhani v. Oriental Insurance Company Ltd.[ 2007 ACJ 1897] the Learned District Judge held that interest on compen....

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....ed Income Tax authority seeking refund of the income tax component deducted earlier as TDS. He would submit that the Gujarat High Court, in Hansguri Prafulchandra Ladhani , had issued a similar direction to the claimants. Learned counsel would also rely on New India Assurance Co. Ltd v. Mani[(2004) Vol.270 ITR 394] wherein the Madras High Court held that the claimants were at liberty to approach the concerned authority for spreading the income over the period for which payment of interest came to be made so that the income for the purpose of assessing tax for the relevant assessment year could be computed and, in case the petitioner was not liable to pay income tax on that score, there was a possibility of the petitioner getting refund of t....