2006 (1) TMI 55 - SC - Income Tax

Interest on Refund - that the Department is solely responsible for the delayed payment, we feel that the interest of justice would be amply met if we order payment of simple interest at 9 per cent, per annum from the date it became payable till the date it is actually paid - Already the matter was pending for more than two decades. We, therefore, direct the respondents herein to pay the simple interest at 9 per cent, per annum from March 31, 1986 to March 27, 1998 within one month from today