2003 (8) TMI 501

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..... n 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 normal circumstances, refund orders are issued along with the assessment orders. In the instant case, h .....

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..... 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 Court. The reasonable time to refund the money in the instant case should be deemed to be August 1, 2001. .....

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