https://www.taxtmi.com/caselaws?id=162329 Interest may be awarded on a delayed refund of a penalty amount even where the refund rule contains no express interest provision, if the retained money is kept back for an unreasonable period after the underlying demand has been set aside. The Calcutta High Court treated the prolonged non-refund as unjustified retention attributable to the authorities' negligence and applied an equitable basis for interest. The period during which a review application remained pending was excluded, and interest was confined to the interval after dismissal of the review until actual refund, at 6% per annum, with a higher rate if payment was not made within the time granted. en-us Wed, 23 Feb 2005 00:00:00 +0530 Mon, 24 Feb 2014 18:37:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=162329 Interest may be awarded on a delayed refund of a penalty amount even where the refund rule contains no express interest provision, if the retained money is kept back for an unreasonable period after the underlying demand has been set aside. The Calcutta High Court treated the prolonged non-refund as unjustified retention attributable to the authorities' negligence and applied an equitable basis for interest. The period during which a review application remained pending was excluded, and interest was confined to the interval after dismissal of the review until actual refund, at 6% per annum, with a higher rate if payment was not made within the time granted. Case-Laws VAT and Sales Tax Wed, 23 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=162329