Refund interest entitlement: assessee receives simple interest on tax refunds, subject to exclusions for assessee-caused delay. Amendment to section 33A conditions refund entitlement where a set-aside assessment requires a fresh assessment for refund to become due, and limits refunds on annulled assessments to tax paid in excess of tax chargeable on returned total income. New provisions exclude earlier subsections for assessment years from 1 April 1989 and entitle the assessee to simple interest on refunds from the date(s) of excess payment to the refund date, excluding periods of delay attributable to the assessee, with the Chief Commissioner or Commissioner deciding disputed exclusion periods and adjustments to interest following alterations in the taxable amount.
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Provisions expressly mentioned in the judgment/order text.
Refund interest entitlement: assessee receives simple interest on tax refunds, subject to exclusions for assessee-caused delay.
Amendment to section 33A conditions refund entitlement where a set-aside assessment requires a fresh assessment for refund to become due, and limits refunds on annulled assessments to tax paid in excess of tax chargeable on returned total income. New provisions exclude earlier subsections for assessment years from 1 April 1989 and entitle the assessee to simple interest on refunds from the date(s) of excess payment to the refund date, excluding periods of delay attributable to the assessee, with the Chief Commissioner or Commissioner deciding disputed exclusion periods and adjustments to interest following alterations in the taxable amount.
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