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TMI Blog2023 (12) TMI 353X X X X Extracts X X X X X X X X Extracts X X X X ..... ct, 2020 specifically prohibits grant of any interest and application of provisions of Section 244A of the Income Tax Act and, therefore, the petition deserves dismissal - HELD THAT:- A perusal of Form No. 5 (Annex.9) clearly reveals that the order has been passed by the designated authority under the VSV Act, 2020 and Rules determining the amount of Rs.3,47,03,505/- refundable to the petitioner in accordance with the provisions of the Act. Once the order in Form No. 5 has been issued on 8/3/2021, the petitioner became entitled for the amount of refund. Admittedly, the said amount was refunded to the petitioner/adjustment towards the demands on 22/10/2021, 10/1/2022, 20/1/2022 and 30/5/2022. No reason worth the name has been indicated in re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of the petitioner to the amount of refund. Thus for the delayed payment, the petitioner is entitled to interest on the refund amount for the delay beyond the period of 90 days from the date of refund i.e. 8/3/2021. WP allowed - It is directed that the respondents-revenue shall make payment of interest @ 6% p.a. on the delayed refund amount w.e.f. 8/6/2021 i.e. beyond the period of 90 days from the date of determination of refund amount on 8/3/2021 till the date of actual/last payment. As the payment/adjustment has been made on various dates, interest would be calculated on the balance amount till each respective date. - HON'BLE MR. JUSTICE ARUN BHANSALI And HON'BLE MR. JUSTICE ASHUTOSH KUMAR For the Petitioner : M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nex.9) has been paid to the petitioner, after making several representations, for the period the refund has been kept by the respondents after petitioner s entitlement, the petitioner is entitled to interest on the said amount. 5. Submissions have been made that the provisions of Section 244A (1) of the Income Tax Act,1961 are applicable and based on the said provision the petitioner is entitled to interest. 6. Reliance has been placed on Anjul vs. PCIT : WP (C) 1985/2022 decided on 23/8/2022 by Delhi High Court and UPS Freight Services India Pvt. Ltd. Vs. Deputy Commissioner of Income Act : WP (L) No.10314/2023 decided on 28/8/2023 by the Bombay High Court. 7. A reply to the writ petition has been filed inter alia denying the enti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... retained and used it, is bound to make the party good, just as an individual would do under like circumstances. The obligation to refund money received and retained without right implies and carries with it the right to interest. 12. Bombay High Court in the case of UPS Freight Services (supra) while following the order in the case of Ms. Anjul (supra) also ordered for payment of interest as per the rate prescribed under Section 244A of the Income Tax Act in similar circumstances. 13. So far as the plea raised by learned counsel for the respondents with reference to provisions of Explanation to Section 7 of VSV Act, 2020 is concerned, the same has been noticed for rejection only. 14. The provision of Section 7 of VSV Act, 2020 rea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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