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2001 (2) TMI 129 - SC - Income Tax
Whether the Revenue is entitled to demand interest in regard to the amount which was refunded to the assessee by virtue of the judgment of the appellate authority and which was repaid to the Revenue after decision in the reference by the High Court on fresh demand notices being issued to the assessee?
Held that:- Section 220(2) of the Act cannot be invoked to demand any interest from the appellant for the assessment years in question. These appeals, therefore, stand allowed, the impugned judgment is set aside and the demands made by the Revenue under s. 220(2) of the Act for payment of interest on the tax due for asst. yrs. 1977-78, 1978-79 and 1980-81 stand quashed.