Interest calculation procedures clarified, including rounding of fractional months and ignoring petty interest amounts where appropriate. A new clause authorises rules specifying the procedure for calculating interest under the Companies (Profits) Surtax Act, covering interest payable by assessees and by the Government to assessees; it provides for rounding off periods that include fractional months when computing interest and allows rules to define circumstances and extent for ignoring petty amounts of interest payable by assessees.
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Provisions expressly mentioned in the judgment/order text.
Interest calculation procedures clarified, including rounding of fractional months and ignoring petty interest amounts where appropriate.
A new clause authorises rules specifying the procedure for calculating interest under the Companies (Profits) Surtax Act, covering interest payable by assessees and by the Government to assessees; it provides for rounding off periods that include fractional months when computing interest and allows rules to define circumstances and extent for ignoring petty amounts of interest payable by assessees.
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