Interest adjustment on reassessment: interest is increased or reduced accordingly, and excess interest is recovered by formal demand. Amendment provides that where reassessment or revision orders change the amount on which interest was payable, interest shall be increased or reduced accordingly; when interest is reduced the Income-tax Officer must serve a prescribed notice of demand specifying excess interest, and that notice shall be treated as a formal demand under the Act. The amendment also substitutes the term assessed tax and treats a first-time assessment under reassessment procedure as a regular assessment for the section's 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 adjustment on reassessment: interest is increased or reduced accordingly, and excess interest is recovered by formal demand.
Amendment provides that where reassessment or revision orders change the amount on which interest was payable, interest shall be increased or reduced accordingly; when interest is reduced the Income-tax Officer must serve a prescribed notice of demand specifying excess interest, and that notice shall be treated as a formal demand under the Act. The amendment also substitutes the term assessed tax and treats a first-time assessment under reassessment procedure as a regular assessment for the section's purposes.
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