https://www.taxtmi.com/caselaws?id=35291 Interest is payable on a refund retained beyond the stipulated period where the amount was recovered by encashment of a bank guarantee and the final assessment was later set aside. The refund had to follow as a consequence of that order, and the Board circulars on refund of pre-deposit required return within three months. The Revenue's later proceedings and its insistence on a refund application did not change the substantive position, because the assessee's entitlement to refund had already crystallised. Denial of interest merely because the application was filed later was therefore unsustainable. en-us Wed, 08 Apr 2009 00:00:00 +0530 Thu, 11 Feb 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35291 Interest is payable on a refund retained beyond the stipulated period where the amount was recovered by encashment of a bank guarantee and the final assessment was later set aside. The refund had to follow as a consequence of that order, and the Board circulars on refund of pre-deposit required return within three months. The Revenue's later proceedings and its insistence on a refund application did not change the substantive position, because the assessee's entitlement to refund had already crystallised. Denial of interest merely because the application was filed later was therefore unsustainable. Case-Laws Customs Wed, 08 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35291