TMI Blog2024 (4) TMI 956X X X X Extracts X X X X X X X X Extracts X X X X ..... etition till the date payment was made of the petitioner. The rate of interest applicable would be @ 6 % per annum in terms of Notification No. F.3(59)/Fin.(T E)/2005-06/903 Dated 30th November, 2005 whereby the annual rate notified by Central Government is 6% per annum. This petition is disposed of directing the respondents to pay interest @6% on Rs. 37,99,453/- refunded on 28.07.2022 for the period of three years immediately preceding the filing of the petition till the date of disbursal of refund to the petitioner. - HON BLE MR. JUSTICE SANJEEV SACHDEVA AND HON'BLE MR. JUSTICE RAVINDER DUDEJA Advocates who appeared in this case: For the Petitioner: Mr. Puneet Aggarwal and Mr. Chetan Kumar Shukla, Advocates. For the Respondents: Mr. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on under section 58 of this Act advising him that an audit, investigation or inquiry into his business affairs will be undertaken or sought additional information under section 59 of this Act, the amount shall be carried forward to the next tax period as a tax credit in that period XXXX XXXX XXXX 5. In terms of Section 38(3)(a)(i), the amount of refund is to be refunded to the person within one month after the date on which return was furnished. 6. Further, reference may be had to Section 42 of the Act, which read as follows: Section 42: - Interest (1) A person entitled to a refund under this Act, shall be entitled to receive, in addition to the refund, simple interest at the annual rate notified by the Government from time to time, compute ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal or any court or any other authority and the order is subsequently vacated, interest shall be payable for any period during which such order remained in operation. (5) The interest payable by a person under this Act may be collected as tax due under this Act and shall be due and payable once the obligation to pay interest has arisen. 7. In terms of Section 42(1) of the Act the person entitled to refund shall be entitled to receive in addition to the refund simple interest at the annual rate notified by the Government from time to time. 8. As per the petitioner, petitioner filed its return dated 20.12.2006 under Section 26 of the Act, read with Rule 28(1) of the DVAT Rules, for the period of March 2006 and in terms of Section 38(4) of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... usted (carry forwarded) in March 2006 are mandatorily required as well as the issue of the TDS amount needs to verified for issuing the claimed refund of amount of Rs. 37,99,453/- in the month of March, 2006. 13. Reference may be had to Article 25 of the Schedule to the Limitation Act, which stipulates that the period of limitation for money payable for interest upon money due from defendant to the plaintiff is 3 years and the time from which the period begins is when the interest becomes due. 14. Applying the said principles, we are of the view that petitioner would be entitled to interest for a period of three years immediately preceding the filing of the subject petition till the date payment was made of the petitioner. The rate of inter ..... X X X X Extracts X X X X X X X X Extracts X X X X
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