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2011 (1) TMI 885 - HC - Income TaxBlock assessment - Search and seizure, under Section 132 of the Act - Block assessment order was passed on 23rd March, 2006 and there was no additional tax liability - in accordance with section 132B(4) the amount of Rs. 17 lacs along with interest became refundable - This amount should have been refunded immediately i.e. shortly after the date of determination, 23rd March, 2006 - A request was made by the petitioner on 11th December, 2006 to refund the amount with interest - There is no explanation or reason for this delay - Accordingly feel that the petitioner is entitled to interest with effect from 24th March, 2006 till the payment of Rs.17 lacs was made i.e., 15th April, 2008 - the cause of justice would be best subserved if the Revenue pays interest @ 7.5% from 24th March, 2006 till 15th April, 2008 i.e. the date of the refund.
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