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2016 (4) TMI 390 - SUPREME COURT

2016 (4) TMI 390 - SUPREME COURT - [2016] 382 ITR 451 - Interest on refund - Held that:- The amount in question, though found refundable to the assessee, was utilized by the Department and, therefore, interest was payable under Section 244(1A) of the Income Tax Act. - CIVIL APPEAL NO(S). 1774/2006 - Dated:- 8-3-2016 - A.K. SIKRI AND ROHINTON FALI NARIMAN, JJ. For The Appellant : Ms. Liz Methew, Adv., Mr. Ashok Kr. Panigria, Adv., Mr. B. V. Balaram Das,Adv. For The Respondent : Mr. Ajay Vora, Sr. .....

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- on 12.09.1987. The assessment was made under Section 143(3)by the Assessing Authority as per which an amount of ₹ 2,03,29,841/- was found refundable to the respondent/assessee. Instead of immediate refund of this amount, the Assessing Authority ordered that the same would be adjusted against the demand for the year 1986-87. It was ultimately adjusted on 25.07.1991. The question that arose, in these circumstances, was as to whether the assessee would be entitled to interest on the aforesa .....

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