On writ High Court directed revenue to grant interest on refund to assessee at rate of 15 per cent per annum from date on which it was determined, till date of payment of same to assessee.\u00a0 On appeal, revenue submitted that statutorily fixed rate of interest under section 244A is only 6 per cent per annum, therefore, High Court could not have ordered for refund at rate of 15 per cent per annum. Assessee\u00a0 submitted that revenue had already complied with direction issued by High Court. Court held that\u00a0 by an interim order had stayed direction of High Court insofar as it pertained to award of interest in excess of 6 per cent per annum.\u00a0 Therefore, appeal was to be allowed by directing assessee to refund amount of interest in excess of 6 per cent per annum. (AY. 2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 244A : Refund-Interest on refunds-High Court directed the revenue to pay interest at 15 per cent per annum-Statutory fixed rate of interest is only 6 % per annum-Interim stay of High Court order-Court directed the assessee to refund amount of interest in excess of 6 per cent per annum. [Art. 136] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-56010","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-ezo","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/56010","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=56010"}],"version-history":[{"count":4,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/56010\/revisions"}],"predecessor-version":[{"id":58453,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/56010\/revisions\/58453"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=56010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=56010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=56010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}