Madras HC quashes levy of interest on ITC, directs refund of recoveries effected through bank

Madras HC today allows a batch of writ petitions challenging imposition of interest u/s 50 on ITC portion, quashes orders levying interest on ITC portion; Further HC quashes bank attachment with a direction that in case interest on ITC has been taken from bank, then refund is to be given; Holds that, in case Revenue wants interest on cash portion it needs to proceed in accordance with law; Before the HC, Petitioner has inter-alia argued that (i) proviso to Section 50 is clari...