Refund interest: assessee entitled to simple monthly interest from year-end or payment date until refund, plus interest on unpaid interest.

An assessee is entitled to receive simple interest on amounts payable as refunds, calculated from the day after the financial year-end or the date of payment, whichever is later, until the refund is granted; if that interest is not paid with the refund, simple interest is payable on the unpaid interest from the date the refund interest is granted until actual payment.

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