Case Law Details
Case Name : CIT Vs Syndicate Bank (Karnataka High Court)
Related Assessment Year : 1987-88
Courts :
All High Courts Karnataka High Court
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CIT Vs Syndicate Bank (Karnataka High Court)
Conclusion: When an order of refund was issued, the same should include interest payable on the amount, which was refunded. If the refund did not include interest due payable on the amount refunded, the revenue would be liable to pay interest on the short fall. This did not amount to payment of interest on interest.
Held: Revenue held that interest on delayed refund interest could not be granted since there was no specific provision in the Act for payment of interest on the amount of interest and Department had not wrongly retained the refund amo...
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What a shame- it took almost 35 years to settle an income tax case, this is the reason India is still a poor country.