2003 (8) TMI 501

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....une 23, 2001 certain sum was found refundable to the petitioner. The Act does not prescribe as to when this refund ought to have been effected. When the assessment was made and it was found that something was refundable to the petitioner, it must be presumed that such refund ought to have had been made available to the petitioner within a reasonable time from the date of such assessment. In the no....

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....cted within a reasonable time and accordingly the Legislature has not prescribed any rate of interest if refund is not made within a reasonable period. In common law, if a person holds the money lawfully belonging to the other, the person entitled to the money as and by way of compensation is entitled to interest. This appears to be the decision of the different High Courts including this High Cou....