Section 67: Delayed Refund

[67. Delayed Refund.– Where a refund due under section 10 is not made within 679[the time specified in section 10 from the date] of filling of 680[refund claim], there shall be paid to the claimant in addition to the amount of refund due to him, a further sum equal to 681[KIBOR] per annum of the amount of refund due, from the date following the expiry of [the time specified 682[as aforesaid], to the day preceding the day of payment of refund: Provided that where there is reason to believe that a person has claimed the refund which is not admissible to him, the provision regarding the payment of such additional amount shall not apply till the investigation of the claim is completed and the claim is either accepted or rejected 7[:] 683[Provided further that where a refund due in the consequence of any order passed under section 66 is not made within forty five days of date of such order, there shall be paid to the claimant in addition to the amount of the refund due to him, a further sum equal to KIBOR per annum of the amount of refund, due from the date of the refund order.]

Effective date: 1990-11-01

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