HC allows writ, directs Revenue to pay ‘compensation’ for delay of 11 years in payment of interest on refund due to assessee u/s 214; Relies on Sandvik Asia ratio, which held that Revenue entitled to only tax, interest, penalty etc. within four corners of law ; Any amount collected in excess and if withheld by Revenue beyond statutorily permitted period, would entitle taxpayer to compensation; Apex Court, in Sandvik, extensively considered meaning of the word compensation; Awards 9% interest p.a. for period 1987 to 1998 : Andhra Pradesh HC [THE SIRPUR PAPER MILLS LTD. 2014 AP]
Posted on: Fri, 11 Jul 2014 05:51:02 +0000
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