CHAPTER-XX

REFUNDS

Interest on Refunds

437.(1) Where a refund is due to the assessee under this Act, he shall, subject to the provisions of this section, be entitled to receive, in addition to the refund, simple interest thereon calculated at the rate of 0.5% for everymonth or part of a month, in the circumstances specified in column B of the Table below, for the period specified in column C of the said Table.