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2020 (12) TMI 733 - KARNATAKA HIGH COURT - Income Tax
Head Note / Extract:
Grant of interest on refund of amount to the assessee u/s 244A - Interest u/s 220(2) - HELD THAT:- The levy of interest under Section 220(2) of the Act is prescribed by the statute. When stay is granted to a party, it is always subject to a statutory provision and it is well settled in law that mere grant of stay does not prevent the running of the interest. Therefore, the finding recorded by the Commissioner as well as the Tribunal that the interest under Section 220(2) of the Act is not chargeable during the period of stay is perverse as the interest is mandatorily leviable under Section 220(2) of the Act.