https://www.taxtmi.com/caselaws?id=220725 Retrospective validating legislation can require repayment of a refund obtained under an earlier judicial ruling, because the benefit of the overruled position cannot be retained and restitution applies to the recipient. Section 117 of the Finance Act, 2000 was treated as a special, self-contained validating provision that independently authorised recovery of the refunded amount and interest at 24% per annum, without being governed by the general escaped-assessment machinery. The liability to pay interest arose from the validating provision itself and was not postponed by the later order under Section 84 of the Finance Act, 1994. Recovery of the refund with statutory interest was therefore sustained. en-us Fri, 04 Jan 2013 00:00:00 +0530 Thu, 31 Jul 2014 11:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220725 Retrospective validating legislation can require repayment of a refund obtained under an earlier judicial ruling, because the benefit of the overruled position cannot be retained and restitution applies to the recipient. Section 117 of the Finance Act, 2000 was treated as a special, self-contained validating provision that independently authorised recovery of the refunded amount and interest at 24% per annum, without being governed by the general escaped-assessment machinery. The liability to pay interest arose from the validating provision itself and was not postponed by the later order under Section 84 of the Finance Act, 1994. Recovery of the refund with statutory interest was therefore sustained. Case-Laws Service Tax Fri, 04 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220725