2001 (2) TMI 49 - HC - Income Tax

Summary

The High Court of Madras ruled in favor of the assessee, stating that they were entitled to interest under section 244(1A) of the Income-tax Act, 1961, on the refund due to excess payment of tax under section 140A(1) of the Act. The judgment referenced a similar case involving Modi Industries Ltd., where it was held that interest must be paid if the refund is delayed beyond a specified period.