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2009 (5) TMI 568 - PUNJAB AND HARYANA HIGH COURTProvisions of section 244(1A) and section 214 - Advance tax paid - payment of interest on the amount of refund - The principles laid down by their Lordships' of the hon'ble Supreme Court in Sandvik Asia Ltd.'s case (2006 -TMI - 5164 - SUPREME Court) - The facts of the present case, it emerges that the refund claim of the assessee-petitioner has been with-held for unreasonably long period and it cannot be deprived of the payment of interest as compensation because the amount has been used by the respondent-Department during all that period - The assessee-petitioner is entitled to statutory rate of interest at 12 per cent. per annum as per the provisions of section 244(1) of the Act, from the date the amount was deposited by the assessee-petitioner till the date on which refund was granted. - The aforesaid directions shall be subject to adjustment of the amount which might have already been paid to the assessee-petitioner - The needful shall be done within a period of three months from the date of receipt of a certified copy of this order. The assessee-petitioner shall also be entitled to the amount of interest on interest. – decided in favour of assessee.
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