2024 (5) TMI 1246 - SCH - Income Tax

Payment of interest on the tax demand for the period subsequent to the commencement of the new Telecom Policy of the year 1999 - waiver of interest on tax demand post Telecom Policy 1999 - HELD THAT - We have given our thoughtful consideration to the submissions advanced at the Bar. We find that since the judgment of this Court 2023 (10) TMI 786 - SUPREME COURT and having regard to the Telecom Policy, which commenced from the year 1999, the payment of interest for the period for which the tax demand is now to be met in respect of these cases stands waived. However, this order shall not be a precedent in any other case as we have passed this order bearing in mind the peculiar facts of this case and having regard to the lapse of time in litigation before the Delhi High Court and this Court. It is also brought to our notice that there are other identical matters pending before the High Courts, Tribunals and Statutory Appeals etc. While disposing of those appeals, the said Courts, Tribunals etc. may bear in mind this order vis-a-vis the interest aspect. The Miscellaneous Application stands disposed of.

Summary

The Supreme Court passed an order on a Miscellaneous Application related to tax demands and interest payments, applying the decision to all similar cases disposed of on 16.10.2023. The Court waived interest payments for the period post the Telecom Policy of 1999 but clarified that this decision is not a precedent for other cases. The application was disposed of accordingly.