Bombay HC allows interest on entire Income Tax Refund to CEAT Limited

CEAT Limited Vs CIT (Bombay High Court) In a recent judgment dated [date], the Bombay High Court delivered a significant ruling in the case of Ceat Limited versus the Commissioner of Income Tax (CIT). The case revolved around the interpretation and application of Section 244A of the Income Tax Act, 1961, particularly concerning the entitlement to interest on refunds due to taxpayers. Background of the Case: The dispute in question pertained to the Assessment Year 1989-1990, where Ceat Limited had initially filed its income tax return, declaring an income of Rs. 43,64,37,800. Upon assessment, ...