Delayed payment of refund causes serious prejudice to both revenue & assessee: Bombay HC

Bloomberg Data Services (India) Pvt Ltd Vs DCIT (Bombay High Court) Bombay High Court held that delayed payment of refund burdens public exchequer with interest amount and also causes serious prejudice to the assessee. Accordingly, delayed payment of refund causes serious prejudice to both revenue and assessee. Facts- This petition under Article 226 of the Constitution of India brings to the fore a serious concern in the laxity of the Respondent-department in the matter of refund of tax to the petitioner and which is an admitted amount. We may also observe that routinely cases are reaching thi...