What to do if in my shipping policy is stated that the maximum time for the order to arrive is 60 business days, but my customer demands a refund before he has got his item, while it is still in transit, and it hasn't gone 60 days yet (it has gone 44 days)? The order was payed thru paypal.
I would say that you are within your rights to refuse the refund, if the situation is as you described.
However, having the right doesn't necessarily mean it is what you should do. I would suggest you weigh out:
Was it clear to the customer at the time of the order that it would take this long to arrive? If you only state it in your shipping policy, and its not clear to your customers up front that there is a long lead time for their orders, then you will likely have a lot of dissatisfied customers. Most customers don't read shipping policies when they purchase, and most expect to be notified somewhere in the shopping or checkout process if there is going to be any extended lead/transit time for order arrival.