Case Law Details
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). Subsequently, a revision in the EL amount led to an excess amount eligible for a refund to the taxpayer.
Despite reminders, the tax-officers failed to release the undisputed refund of Rs. 4,23,60,940/- along with interest, prompting the taxpayer to approach the court.
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