Interest payable to the assessee
210. (1) An assessee shall be entitled to receive simple interest at the rate of one-half per cent. per month, or part of a month, on any amount receivable by him under this Code in respect of any financial year for the period from the day immediately following the expiry of that financial year or the date on which such amount was paid, whichever is later, to the date on which the refund is granted.
(2) An assessee shall be entitled to receive simple interest at the rate of one-half per cent. per month, or part of a month, on the amount of interest receivable by him under sub-section (1) for the period from the date of grant of refund under that sub-section to the date of actual payment of such interest, if such interest is not paid to him along with the refund.
