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Interest on Refund of Interest waived by Income Tax is not Interest on Interest
Case Law Details
- Case Name
- Preeti N Aggarwala Vs Chief Commissioner of Income Tax & Anr. (Delhi High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Delhi High Court
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The sum found refundable to the Petitioners as a result of the waiver of interest order passed by the CCIT is a definite sum that was wrongly deducted from the Petitioners as interest. Payment of interest on that sum by the Revenue cannot be characterised as payment of ‘interest on interest’. In India Trade Promotion Organisation Vs. CIT (supra) the question before the Court concerned the denial of interest on refund. It was clarified that “if the refund does not include interest due and payable on the amount refunded, the Revenue would be liable to pay interest...
