Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2019 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (8) TMI 60 - HC - Income TaxInterest on refund - Money wrongly attached and retained by the Revenue and was duly refunded - Tax recovery against Patiala Development Authority - attachment made of the amount belonging to the petitioner - HELD THAT:- The arguments of the petitioner must prevail. The provision of interest in Section 244-A of the Income Tax Act would have no applicability in the present case because it is a case of illegal attachment and retention. In the written statement, the Revenue has accepted that the money was wrongly attached and retained. There can be no escape from the payment of interest. The rate of interest claimed also cannot be said to be excessive by any standards. The petition is allowed. The interest of ₹ 3.68 crores be now paid to the petitioner within two months from the date of receipt of certified copy of this order, failing which there would be further interest applicable thereafter @ 9% per annum on this amount.
|