Interest on excess refunds required where refund exceeds entitlement, payable until regular assessment confirms correct amount. Interest is chargeable where a refund previously granted to an assessee either was not due on regular assessment or exceeded the refundable amount; the assessee must pay simple interest at the prescribed monthly rate on the whole or excess refunded amount from the date of grant of the refund until the date of regular assessment. If a later order upholds the refund in whole or part, the interest is reduced accordingly. A first-time assessment under the re assessment procedure is treated as a regular assessment for these purposes.
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 excess refunds required where refund exceeds entitlement, payable until regular assessment confirms correct amount.
Interest is chargeable where a refund previously granted to an assessee either was not due on regular assessment or exceeded the refundable amount; the assessee must pay simple interest at the prescribed monthly rate on the whole or excess refunded amount from the date of grant of the refund until the date of regular assessment. If a later order upholds the refund in whole or part, the interest is reduced accordingly. A first-time assessment under the re assessment procedure is treated as a regular assessment for these purposes.
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