Interest calculation procedure clarified for tax assessments, allowing rounding of fractional months and ignoring trivial interest amounts. Amendment adds a clause to section 46(2) prescribing the procedure to be followed in calculating interest payable by assessees and interest payable by the Government, including rounding off periods that include a fraction of a month and specifying when and to what extent petty amounts of interest payable by assessees may be ignored.
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 calculation procedure clarified for tax assessments, allowing rounding of fractional months and ignoring trivial interest amounts.
Amendment adds a clause to section 46(2) prescribing the procedure to be followed in calculating interest payable by assessees and interest payable by the Government, including rounding off periods that include a fraction of a month and specifying when and to what extent petty amounts of interest payable by assessees may be ignored.
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