(1)Any person entitled to a refund of tax under sub-section (1) or sub-section (2) of section 30 shall be entitled to receive simple interest from the State Government at the rate of one percentum on the amount of the refund for each month calculated:.(a)In a case where such refund relates to any excess paid before or at the time of furnishing the return under sub-section (3) of section 16 from the first day in month next following the month in which such return is actually furnished; and(b)In any other case from the first day of the month next following the month in which such payment was actually made;(2)If, as a result of any proceeding under this Act, the amount in respect of which interest is payable by the State Government under the foregoing provisions is varied, the Assessing Officer shall correspondingly enhance or reduce, as the came may be, the interest so payable.
