Refund interest: rate fixed for AO-order refunds after assessee application; withholding during pending assessments excluded from interest period. Amendment prescribes that interest on refunds resulting from an Assessing Officer's order following an assessee's application under the assessment correction procedure shall be calculated at the rate of one-half per cent. per month (or part month) from the application date to the refund date, and provides that, for additional-interest computations, the period during which a refund is withheld due to pending assessment or reassessment-running from withholding to completion of assessment-shall be excluded.
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.
Refund interest: rate fixed for AO-order refunds after assessee application; withholding during pending assessments excluded from interest period.
Amendment prescribes that interest on refunds resulting from an Assessing Officer's order following an assessee's application under the assessment correction procedure shall be calculated at the rate of one-half per cent. per month (or part month) from the application date to the refund date, and provides that, for additional-interest computations, the period during which a refund is withheld due to pending assessment or reassessment-running from withholding to completion of assessment-shall be excluded.
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