Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2011 (6) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (6) TMI 330 - HC - Income TaxRefund claim - Interest on interest - Income-tax Department however, at the time of making payment of refund, no interest was paid in terms of section 244(1A and subsequently, interest in terms of section 244(1A) - Held that:- Following the principles of equity, the Supreme Court in the cases of Narendra Doshi (2001 (7) TMI 10 - SUPREME Court) and Sandvik Asia Ltd. (2006 (1) TMI 55 - SUPREME Court) passed the direction for payment of interest on interest - Therefore, set aside the order impugned and allow the writ-application by directing the Income-tax Authority to pay to the appellant interest at the rate prevailing at the relevant time for refund u/s 244(1A) for the assessment years 1962-63 to 1977-78 for the period from 21-5-1992 to 23-4-1996 and for assessment years 1978-79 to 1979-80 for the period from 24-5-1993 to 23-4-1996 within two months from today. In default, the amount will carry penal rate of interest at the rate of 18 per cent per annum.
|