2023 (2) TMI 861

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..... se. Insofar as the interest is concerned, it is payable if there is statutory enactment i.e., substantive law to that effect, or if trade, usage, custom or practice, which is enforceable in law mandates the grant of interest, or there is an agreement to that effect. The other eventuality where interest is awarded, is in circumstances where the Court, exercising equitable jurisdiction, seeks .....

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..... Advocates. Respondents: Mr Ruchir Bhatia and Mr Shailendera Singh, Sr. Standing Counsels. ORDER RAJIV SHAKDHER, J. (ORAL): 1. These are writ petitions, whereby the central grievance articulated by the petitioner is that there was an enormous delay in paying the audit fee. 2. It is not in dispute, that during the pendency of the writ petitions, the audit fee has been paid t .....

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..... 0,650/- was made on 21.12.2019. 4.2 Insofar as the last entity which the petitioner audited, i.e., Sahara India (Firm), is concerned, determination was made on 22.08.2016 and payment of Rs. 63,60,000 was made on 21.02.2020. 5. It is with regard to the delay in payment in respect of audit conducted by the petitioner vis-a-vis the aforementioned entities, that the petitioner seeks interest. .....

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..... and Sandvik Asia Ltd. vs. Commissioner of Income Tax-I, Pune and Others (2006) 2 SCC 508. 8. We have heard the counsel for the parties. 9. The aforesaid facts are not in dispute. There is enormous delay in each case in payment of the determined audit fee. The delay is nearly four years in each case. 10. Insofar as the interest is concerned, it is payable if there is statutory enact .....

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..... .C. Roy (1992) 1 SCC 508]. 11. Therefore, we are of opinion that interest ought to be paid to the petitioner at the rate of 7% per annum. Interest will run from the date of determination in each case till the date of payment of audit fee was made. 12. The payment of interest will be made to the petitioner as expeditiously as possible, though not later than eight weeks from the receipt of c .....

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