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of <h1>Finance Act 1968 amends Section 214: Interest adjustments on refunds after provisional assessments under Section 141A.</h1> Section 214 of the Income-tax Act is amended by the Finance Act, 1968. A proviso is added to sub-section (1), stating that no interest will be paid on any amount refunded after a provisional assessment under section 141A. A new sub-section (1A) is introduced, specifying that if the amount on which interest was paid is reduced upon regular assessment, the interest will be adjusted accordingly. Any excess interest paid will be considered tax payable by the assessee, and the relevant provisions of the Act will apply.
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