Case Law Details
Case Name : Union of India Vs. M/s Tata Chemicals Ltd. (Supreme Court)
Related Assessment Year :
Courts :
Supreme Court of India
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In the case of UOI Vs. Tata Chemicals Ltd Hon’ble SC held that resident/deductor is entitled not only the refund of tax deposited under Section 195(2) of the Act, but tax has to be refunded with interest from the date of payment of such tax.
Some of the Important Paras of the Hon;ble SC Order are as follows –
The question before SC was, whether the resident/deductor is also entitled to interest on refund of excess deduction or erroneous deduction of tax at source under Section 195 of the Act.
We would begin our discussion by referring to circular No. 790, dated 20.04.2000, iss...
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We must welcome the historic judgment of the Hon’ble Supreme Court in this aspect.In order to bring the rationality between Department and the assessee so far as refund is concerned, perhaps payment of interest from the date of deposit of tax would meet the ends of justice.