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TMI Blog2015 (12) TMI 640X X X X Extracts X X X X X X X X Extracts X X X X ..... 3(2) of the Act of 1954 entitles an assessee to refund of excess tax paid to the Department along with interest at 15 per cent from the date of excess amounts obtain with the Department till date of payment. It is obvious that the section in issue incorporates a principle of equity. Money only has time value, i.e., the value is diluted with time. Interest compensates for dilution of money value. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sion Petition No. 481 of 1999 - - - Dated:- 26-8-2014 - ALOK SHARMA J. Adarsh Lohiya, Assistant Commissioner, for the petitioner. None appeared for the respondent. ORDER This revision petition challenges the order dated March 23, 1998 passed by the Rajasthan Tax Board, Ajmer (hereinafter the Board ). 2. The facts of the case are that the assessee is engaged in the business ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpugned order dated March 23, 1998 passed by the Tax Board. Considered. 4. The OIC submits that the decision of the Board to pay the assesse interest at the rate of 15 per cent on the amount of refund was not within the scope of section 23(2) of the Rajasthan Sales Tax Act, 1954 (hereinafter 1954 Act ). He submits that in the case at hand no excess deposit of tax was made by the assessee, but ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... epartment along with interest at 15 per cent from the date of excess amounts obtain with the Department till date of payment. It is obvious that the section in issue incorporates a principle of equity. Money only has time value, i.e., the value is diluted with time. Interest compensates for dilution of money value. If the contention of the OIC were to be upheld, the assessee's entitlement to r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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