67.    Delayed Refund.-- 

        Where a refund due under section 10 is not made within the time specified in section 10 from the date of filing of [1][refund claim], there shall be paid to the claimant

in addition to the amount of refund due to him, a further sum equal to six per cent per annum of the amount of refund due, from the date following the expiry of the time specified [2][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.



[1].         ‘return’ substituted vide Finance Act, 2007.

[2].         Substituted vide Finance Act, 2007.