https://www.taxtmi.com/caselaws?id=40081 Tax collected on forward contracts under an ultra vires levy is refundable because money received without authority of law offends Article 265 and attracts restitution under section 72 of the Indian Contract Act. The general law of limitation does not defeat refund where the amount was never lawfully due and the assessee acted promptly after the illegality became known. The statutory refund scheme was also read as permitting consequential relief, and procedure was not used to retain money the State had no legal right to keep. On those facts, the revisional authority was justified in entertaining the claim and directing refund. en-us Thu, 10 Apr 1986 00:00:00 +0530 Wed, 29 Oct 2025 23:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=40081 Tax collected on forward contracts under an ultra vires levy is refundable because money received without authority of law offends Article 265 and attracts restitution under section 72 of the Indian Contract Act. The general law of limitation does not defeat refund where the amount was never lawfully due and the assessee acted promptly after the illegality became known. The statutory refund scheme was also read as permitting consequential relief, and procedure was not used to retain money the State had no legal right to keep. On those facts, the revisional authority was justified in entertaining the claim and directing refund. Case-Laws VAT / Sales Tax Thu, 10 Apr 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=40081