Refund interest payable till actual release of funds, not order date.

Interest on a tax refund is payable until the date the funds are actually released to the taxpayer, not merely until the date of the order accepting the refund claim. The Income Tax Appellate Tribunal (ITAT) directed the Assessing Officer/Centralized Processing Center to grant interest to the taxpayer until January 30, 2024, when the refund was released after an order under Section 154. This decision aligns with the Delhi High Court's ruling in the Nokia case, interpreting 'refund granted' in Section 244A to mean the actual payment of the refund, thereby compensating for the time value of money. .....

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