|
40.
Power to adjust, withhold refunds
(1)
The Commissioner or the authority prescribed shall have the power to adjust any
amount due to be refunded against any tax, penalty and interest outstanding
against a VAT dealer or a TOT dealer or any other dealer.
(2)
Where an order giving rise to a refund is the subject matter of an appeal or
further proceeding, or where any other proceeding is pending, and the authority
prescribed is of the opinion that the grant of the refund is likely to adversely
affect the revenue, the authority prescribed may, with the previous approval of
the Deputy Commissioner, withhold the refund till such time as the Deputy
Commissioner may determine.
(3)
Where any demand of tax or penalty or both is disputed by a VAT dealer or TOT
dealer before any appellate authority or Sales Tax Appellate Tribunal or High
Court and the demand becomes finally due either partly or fully an interest at
the rate of one percent per month shall be charged from the date such tax or
penalty was originally due.
|