Refund More Than 10% Of Tax As Determined On Regular Assessment, CEAT Entitled To Interest On Refund Of Rs. 5.24 Cr: Bombay High Court

In a significant ruling, the Bombay High Court has resolved a long-standing dispute regarding interest on refunds in Income Tax Appeal No.320 of 2003. The case pertains to Ceat Limited challenging an order passed by the Income Tax Appellate Tribunal, Mumbai Bench concerning the grant of interest under Section 244A of the Income Tax Act, 1961. The dispute arose when Ceat Limited filed an appeal against the ITAT's order dated…