HC rejected the applicant's claim for compound interest under ...

Statutory Interpretation Limits Compound Interest Claim Under Section 244A(1)(b), Rejecting Applicant's Cumulative Interest Argument

May 5, 2025

Case Laws Income Tax HC

HC rejected the applicant's claim for compound interest under s.244A(1)(b) r.w.s.132B(4)(b), which explicitly provides only for simple interest. The Court clarified that its prior order did not mandate cumulative or compound interest calculation. No statutory provision was identified supporting the interpretation of "cumulative interest" as compound interest. Consequently, the opposite parties cannot be held liable for willful disobedience, as no definitive legal framework exists for computing cumulative interest beyond simple interest prescribed by the statutory provision.

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HC rejected the applicant's claim for compound interest under ...

Statutory Interpretation Limits Compound Interest Claim Under Section 244A(1)(b), Rejecting Applicant's Cumulative Interest Argument

May 5, 2025

Case Laws Income Tax HC

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