RAJA RAM KUMAR BHARGAVA (DEAD) BY LRS. vs UNION OF INDIA

The Supreme Court held that the claim for interest on refunds of income tax and excess profit tax is governed by Section 297(2)(i) of the Income Tax Act, 1961, and not by Section 297(2)(a). The Court clarified that the assessment is considered completed only when it attains finality post-appeal, thus rejecting the claim for interest under Section 66(7) of the repealed Income Tax Act, 1922. The appeal was dismissed, affirming the lower court's decision that the suit for interest was not maintainable.