2024 (12) TMI 267 - SCH - Indian Laws

Quantification of interest on refund claim - Refund to flat buyers - HELD THAT - It is stated at the Bar that out of 14 complainants as mentioned in the list, the matter has been amicably settled with 11 complainants and so the issue only remains in respect of the 03 complainants - As per the settlement, the appellants are required to pay the amount received from each of the complainants along with interest @ 9% per annum. Since the matter is settled with a large number of complainants with interest @ 9% per annum, the remaining three complainants should also be given interest at the same rate - appellants had already deposited the principal amount alongwith interest at the rate of 9 per cent per annum in the Registry of this Court. Whether the actual amount should be paid or it should be paid after deducting the TDS, as per the provisions of the Income Tax Act? - HELD THAT - The payment of interest should be made without deducting TDS. The appeals are partly allowed.

Summary

The Supreme Court upheld the National Consumer Disputes Redressal Commission's order for the appellants to refund the buyers with interest at 9% per annum within three months. The matter was settled with 11 out of 14 complainants, and the remaining three complainants were also awarded interest at 9% per annum. The appellants had already deposited the principal amount with interest at 9% per annum. The court directed payment without deducting TDS, citing compensation for mental agony and harassment to the buyers. The appeals were partly allowed.