9911796707
TMI Blog2024 (9) TMI 1683X X X X Extracts X X X X X X X X Extracts X X X X ..... the date of release of the payment that is, till 18.10.2019 and not 30.03.2019 - Contention that the date of grant of the interest must be construed as the interest due till the date of passing of the order and not the date on which the amount is released to the assessee, is insubstantial. The expression refund is granted would necessarily mean refund of payment of the amount. HELD THAT:- It is w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t to the petitioner as expeditiously as possible and preferably within a period of four weeks from date. As clarified that this Court has not examined the question regarding the validity of the action to adjust the amount of refund due against the dues allegedly payable by the assessee in respect of the other AY, as the same is the subject matter in another petition. Thus, the examination in this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oner. The only issue that survives for consideration is the interest on the amount of ₹1,81,06,76,395/-, which was the refund due to the petitioner in terms of the assessment under Section 143(1) of the Income Tax Act, 1961 (hereafter the Act) for the assessment year (AY) 2017-18. 3. The respondents have computed the interest payable to the petitioner at ₹5,65,83,638/- as on 30.03.2019 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e amount. 6. It is well settled that the interest is paid to compensate the payee for time value of money. Bearing in mind the aforesaid principle, it is difficult for this Court to accept that the date on which refund is granted as used in Section 244A of the Act must be read as the date on which an order accepting the petitioner s claim for the grant of refund is passed and not the date on which ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
