1968 (10) TMI 17 - HC - Income Tax

Interest on refund - refund was paid by the Department within six months from the date of the order of the Supreme Court in assessee s own case - Whether the assessee is entitled to interest on amount of refund from the date of payment to date of refund - Held no

Summary

The High Court of Madras upheld the Commissioner of Income-tax's decision regarding the allowance of depreciation for a public limited company. The court ruled that interest on refund was not applicable in this case, as the assessment was completed before the new Act came into effect. The petition was dismissed, and the petitioner was ordered to pay costs.