Case Law Details
Case Name : CIT Vs Birla Corporation Limited (Calcutta High Court)
Appeal Number : ITA No.526 of 2004
Date of Judgement/Order : 02/02/2016
Related Assessment Year :
Courts :
All High Courts Calcutta High Court
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Brief of the case is to be sorted properly
Brief of the case:
- The High Court held that the amount paid was held by the Government till a direction was issued by the appellate authority to refund the same, therefore, it should carry interest as a matter of course. Furthermore, it was held that interest was in the nature of compensation for use and retention of money collected unauthorisedly by the department.
- The High Court further held that refund due and payable to the assessee is debt owed and payable by the revenue. Furthermore, it was held that merely because there is no express statutory provision for payment of interest on refund of excess amount collected by the Revenue, the Government cannot evade its obligation to refund the money with accrued interest for the period of undue retention
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