The Appellate Tribunal held that denial of interest on delayed ...

Denial of interest on delayed DDT refund was wrong. Appellant entitled to interest payment. Lower authority's decision set aside.

Case Laws Income Tax

June 14, 2024

The Appellate Tribunal held that denial of interest on delayed refund of Dividend Distribution Tax (DDT) was incorrect. Lower authorities misinterpreted section 244A(1) and wrongly applied subsequent part of the section. Citing ITC Ltd. case, it emphasized that interest payment is a statutory obligation to the assessee. The Tribunal found the denial of interest illegal and set aside the order, ruling that the assessee is entitled to interest on DDT refund from the date of excess tax payment. Assessee's appeal was allowed.

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The Appellate Tribunal held that denial of interest on delayed ...

Denial of interest on delayed DDT refund was wrong. Appellant entitled to interest payment. Lower authority's decision set aside.

Case Laws Income Tax

June 14, 2024

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