https://www.taxtmi.com/caselaws?id=39659 Interest on excess tax refund under section 66(7) of the Indian Income-tax Act, 1922 was treated as a special statutory entitlement arising only where tax became refundable on a High Court reference, not as a general right from the date of collection. The provision fixed the period for interest, while the Commissioner retained discretion only on the rate, which depends on the circumstances. Where the assessment was completed before the Income-tax Act, 1961 came into force and the refund arose afterwards, section 297(2)(i) applied the refund-interest provisions of the 1961 Act, namely sections 243 and 244. On that basis, no additional interest was payable because the refund was made within the prescribed period. en-us Tue, 16 Jul 1974 00:00:00 +0530 Mon, 19 Apr 2010 15:17:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39659 Interest on excess tax refund under section 66(7) of the Indian Income-tax Act, 1922 was treated as a special statutory entitlement arising only where tax became refundable on a High Court reference, not as a general right from the date of collection. The provision fixed the period for interest, while the Commissioner retained discretion only on the rate, which depends on the circumstances. Where the assessment was completed before the Income-tax Act, 1961 came into force and the refund arose afterwards, section 297(2)(i) applied the refund-interest provisions of the 1961 Act, namely sections 243 and 244. On that basis, no additional interest was payable because the refund was made within the prescribed period. Case-Laws Income Tax Tue, 16 Jul 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39659