Interest on delayed refunds: compensatory interest payable from expiry of the statutory refund period until payment. Section 56 requires interest on tax refunds unpaid beyond sixty days from receipt of the refund application, payable from the day after that period until refund at a government notified rate not exceeding the prescribed ceiling. A proviso applies a distinct, higher notified interest ceiling to refunds consequent to final orders of adjudicating or appellate bodies, and an explanation deems appellate or judicial refund orders to be orders under the principal refund subsection.
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 refunds: compensatory interest payable from expiry of the statutory refund period until payment.
Section 56 requires interest on tax refunds unpaid beyond sixty days from receipt of the refund application, payable from the day after that period until refund at a government notified rate not exceeding the prescribed ceiling. A proviso applies a distinct, higher notified interest ceiling to refunds consequent to final orders of adjudicating or appellate bodies, and an explanation deems appellate or judicial refund orders to be orders under the principal refund subsection.
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