Interest on delayed tax refunds accrues after the statutory lapse and is payable until actual refund is made. Interest is payable when tax ordered to be refunded under sub-section (5) of section 54 is not refunded within sixty days of receipt of the application under sub-section (1); interest runs from the day after that sixty-day period until refund at a rate not exceeding six per cent as specified by government notification on the Council's recommendation. If the refund claim arises from a final adjudicatory or appellate order, a higher rate not exceeding nine per cent may be notified and interest runs for the same interval. An appellate or court order directing refund against a proper officer is deemed an order under sub-section (5) for these purposes.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest on delayed tax refunds accrues after the statutory lapse and is payable until actual refund is made.
Interest is payable when tax ordered to be refunded under sub-section (5) of section 54 is not refunded within sixty days of receipt of the application under sub-section (1); interest runs from the day after that sixty-day period until refund at a rate not exceeding six per cent as specified by government notification on the Council's recommendation. If the refund claim arises from a final adjudicatory or appellate order, a higher rate not exceeding nine per cent may be notified and interest runs for the same interval. An appellate or court order directing refund against a proper officer is deemed an order under sub-section (5) for these purposes.
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