Bombay HC Upholds Taxpayer’s Right to Interest on Excess Equalization Levy Refund

Group M Media India Private Limited Vs DCIT (Bombay High Court) In a recent landmark judgment, the Bombay High Court affirmed the right of taxpayers to receive interest on excess refunds under the Equalization Levy (EL) scheme, even in the absence of explicit provisions for such interest. The ruling was delivered in the case of Group M Media India Private Limited Vs DCIT (Bombay High Court), Writ Petition (L) No. 12786 of 2023 on December 18, 2023. Case Overview: The taxpayer had initially deposited the appropriate Equalization Levy under Section 164 of the Finance Act of 2016 (FA Act). Subseq...