1968 (10) TMI 17

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..... led to interest on amount of refund from the date of payment to date of refund - Held, no
Judge(s) : VEERASWAMI., RAMAPRASADA RAO. JUDGMENT The judgment of the court was delivered by VEERASWAMI J.-We are of opinion that the conclusion of the Commissioner of Income-tax, Madras, is correct, though his reasoning is not acceptable. The petitioner is a public limited company doing business in ge .....

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..... substantial amount which was paid on January 31, 1955, which was within six months of the date of the order Entitling the petitioner to refund. The petitioner thereafter claimed interest from January 31, 1955, to the date of refund under the proviso to sub-section (7) of section 66 of the Income-tax Act, 1922, at 6 per cent. on the amount of tax paid in excess. The Commissioner disallowed the clai .....

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..... ourt's judgment fell due after the commencement of the new Act. The first requisites for the application of section 297(2)(i) are, therefore, satisfied. That being the case, this provision is clear that to such a case the provisions of the new Act relating to interest payable by the Central Government on refunds shall apply. In view of this provision, the intention of which appears to be that the .....

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