Interest on tax refunds: reduced rate for refunds after s155(20) applications; withholding period excluded during pending assessments. The amendment prescribes a capped monthly interest rate for refunds arising from an Assessing Officer's order following an application by the assessee, to be calculated from the application date to the refund date, effective 1st October, 2023. It also provides that, for additional interest computation where assessment or reassessment is pending, the period during which the refund is withheld under the statutory withholding provision until the date the assessment/reassessment is made shall be excluded, effective 1st April, 2023.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest on tax refunds: reduced rate for refunds after s155(20) applications; withholding period excluded during pending assessments.
The amendment prescribes a capped monthly interest rate for refunds arising from an Assessing Officer's order following an application by the assessee, to be calculated from the application date to the refund date, effective 1st October, 2023. It also provides that, for additional interest computation where assessment or reassessment is pending, the period during which the refund is withheld under the statutory withholding provision until the date the assessment/reassessment is made shall be excluded, effective 1st April, 2023.
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