Interest payable on refund of money deposited by Assessee upon re-computation by Revenue

PCIT Vs Punjab & Sind Bank (Delhi High Court)

The learned counsel for the Revenue has not disputed that the payment of interest by the respondent under Section 234D and Section 220(2) of the Act was in pursuance of the demand raised by the Revenue, which demand subsequently has been found to be incorrect and the money has become due and payable by the Revenue to the assessee.

It would be relevant to note here that in the judgment of Preeti N. Aggarwala (supra)Please become a Premium member. If you are already a Premium member, login here to access the full content.