Interest on excess refunds may be charged when an earlier refund exceeds the refundable amount, subject to reduction by later orders. Where a refund previously granted is not due on subsequent regular assessment, or exceeds the refundable amount, the assessee must pay simple interest at the prescribed monthly rate on the whole or excess refunded amount for the period from grant of refund to the date of regular assessment; interest is reduced to the extent later orders uphold the refund, and first-time assessments under the special assessment provision are treated as regular assessments 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 may be charged when an earlier refund exceeds the refundable amount, subject to reduction by later orders.
Where a refund previously granted is not due on subsequent regular assessment, or exceeds the refundable amount, the assessee must pay simple interest at the prescribed monthly rate on the whole or excess refunded amount for the period from grant of refund to the date of regular assessment; interest is reduced to the extent later orders uphold the refund, and first-time assessments under the special assessment provision are treated as regular assessments for these purposes.
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