Revenue Authorities Liable for Interest on Delayed Refunds if Not Processed in 60 Days per Section 54(7.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Refund of amount recovered from the petitioner upon encashment of the bank guarantee - the revenue authorities were obligated in law to deal with that application in terms of Section 54(7) of the Act, within a period of 60 days. Failing that, the revenue further became exposed to discharge interest liability on the delay in making the refund at the statutory rate from the end of 60 days from 02.06.2019. - HC....