https://www.taxtmi.com/caselaws?id=161723 Where a tax refund is withheld and the statute does not fix a refund timeline or provide interest for delay, the refund must be made within a reasonable time, and retention of the amount beyond that period attracts compensation by way of interest under common-law principles. On the facts, the reasonable time was treated as 1 August 2001, and the applicable rate was adjusted to the prevailing reduced rate. Interest was therefore payable at 6% per annum from 1 August 2001 until the date of refund, and the amount of interest had to be paid to the petitioner. en-us Wed, 20 Aug 2003 00:00:00 +0530 Tue, 04 Feb 2014 18:01:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=161723 Where a tax refund is withheld and the statute does not fix a refund timeline or provide interest for delay, the refund must be made within a reasonable time, and retention of the amount beyond that period attracts compensation by way of interest under common-law principles. On the facts, the reasonable time was treated as 1 August 2001, and the applicable rate was adjusted to the prevailing reduced rate. Interest was therefore payable at 6% per annum from 1 August 2001 until the date of refund, and the amount of interest had to be paid to the petitioner. Case-Laws VAT and Sales Tax Wed, 20 Aug 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=161723