Interest on delayed refunds

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....etermined under this Act, and (b) in any other case, within three months from the end of the month in which the claim for refund is made under this Chapter, the Central Government shall pay the assessee simple interest at 3[fifteen] per cent per annum on the amount directed to be refunded from the date immediately following the expiry of the period of three months aforesaid to the date of the o....

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....     *************** NOTES:- 1. Substituted vide Section 42 of the Taxation Laws (Amendment) Act, 1970 w.e.f. 01-04-1971 before it was read as,  "(1) If the Income-tax Officer does not grant the refund, (a) in any case where the total income of the assessee does not consist solely of income from interest on securities or dividend, within three months from the dat....

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....ect Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 before it was read as, "Income-tax" 3. Substituted vide Section 24 of the Taxation Laws (Amendment) Act, 1984 w.e.f. 01-10-1984 before it was read as, "twelve" [Section 84 of the Taxation Laws (Amendment) Act, 1984 has clarified that the increase in the rate of interest will apply in respect of any period falling after 30-....