Application of interest on excess refund extended to earlier assessment years where proceedings conclude after the amendment, with retrospective effect. The amendment inserts a new Explanation to section 234D declaring that the section's provisions on interest on excess refund also apply to assessment ... Summary
Application of interest on excess refund extended to earlier assessment years where proceedings conclude after the amendment, with retrospective effect.
The amendment inserts a new Explanation to section 234D declaring that the section's provisions on interest on excess refund also apply to assessment years commencing before 1st June, 2003 where proceedings in respect of such years are completed after that date, and makes this insertion retrospective to that date.
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