Interest on refund of amount paid for admission of appeal.

Section 115

Where an amount paid by the appellant under sub-section (6) of section 107 or sub-section (8) of section 112 is required to be refunded consequent to any order of the Appellate Authority or of the Appellate Tribunal, interest at the rate specified under section 56 shall be payable in respect of such refund from the date of payment of the amount till the date of refund of such amount.

AI Explanation

When a person who has appealed pays an amount under sub-section (6) of section 107 or sub-section (8) of section 112 and is entitled to a refund due to an order from the Appellate Authority or the Appellate Tribunal, interest will be paid on this refund. The interest rate specified under section 56 will apply, and it will be payable from the date of payment of the amount until the date the refund is made.

Refund Eligibility

If the Appellate Authority or the Appellate Tribunal issues an order that results in the appellant being eligible for a refund, the refunded amount will accrue interest. This interest will be calculated at the rate specified under section 56. It starts accruing from the date the appellant initially paid the amount until the date the refund is actually processed.

Calculation of Interest

The interest on the refunded amount is determined by the rate specified in section 56. This rate is applicable throughout the period, starting from the date when the appellant made the payment. The interest continues to accumulate until the date when the refund is made to the appellant.

Conclusion

In conclusion, if an appellant has paid an amount under specified subsections and is later entitled to a refund due to an order from the Appellate Authority or the Appellate Tribunal, interest at the rate specified in section 56 will be added to the refunded amount. This interest accrues from the date of the initial payment until the actual date of refund.