Interest on refunds: no interest after provisional assessment; excess interest on reassessment treated as tax payable. No interest shall be paid for any period after the date of a provisional assessment under section 141A in respect of any amount refunded; where a regular assessment reduces the amount on which interest was paid under sub-section (1), the interest shall be reduced accordingly and any excess paid shall be deemed to be tax payable by the assessee with the Act's provisions applying accordingly.
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 refunds: no interest after provisional assessment; excess interest on reassessment treated as tax payable.
No interest shall be paid for any period after the date of a provisional assessment under section 141A in respect of any amount refunded; where a regular assessment reduces the amount on which interest was paid under sub-section (1), the interest shall be reduced accordingly and any excess paid shall be deemed to be tax payable by the assessee with the Act's provisions applying accordingly.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
