Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
The relevant date for computing interest on refund of amounts...
Refund interest computed from refund application date/ appellate order date. Rate as notified u/s 11BB, per Supreme Court. Tribunal can't decide other rate.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
The relevant date for computing interest on refund of amounts paid against an audit objection is three months from the date of filing the refund application, as per Section 11BB. Where duty becomes refundable due to an order of an appellate authority, the relevant date is the date of such order, as per Explanation B to Section 11B(5)(ec). The appropriate rate of interest for a delayed refund is the effective rate notified u/s 11BB, as held by the Supreme Court in Mafatlal Industries Ltd. vs. Union of India, which stated that no refund shall be made except as provided in Section 11B. The Tribunal is not competent to decide a rate of interest other than that notified u/s 11BB for a delayed refund under the Act.
The relevant date for computing interest on refund of amounts paid against an audit objection is three months from the date of filing the refund application, as per Section 11BB. Where duty becomes refundable due to an order of an appellate authority, the relevant date is the date of such order, as per Explanation B to Section 11B(5)(ec). The appropriate rate of interest for a delayed refund is the effective rate notified u/s 11BB, as held by the Supreme Court in Mafatlal Industries Ltd. vs. Union of India, which stated that no refund shall be made except as provided in Section 11B. The Tribunal is not competent to decide a rate of interest other than that notified u/s 11BB for a delayed refund under the Act.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
