Refund entitlement under wealth tax: automatic refund subject to withholding for revenue protection and statutory interest on delay. Where an appellate or other order results in a refund becoming due, the Assessing Officer must refund the amount without a claim, subject to provisos when assessments are set aside or annulled. The Assessing Officer may withhold refunds with prior approval if refunding would adversely affect revenue while appeals or other proceedings are pending. The Central Government must pay interest on delayed refunds at statutory rates, with special interest rules for amounts found excessive on appeal, exclusions for assessee attributable delay, adjustment where subsequent orders alter the refundable amount, and power to set off refunds against outstanding tax liabilities after written intimation.
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.
Refund entitlement under wealth tax: automatic refund subject to withholding for revenue protection and statutory interest on delay.
Where an appellate or other order results in a refund becoming due, the Assessing Officer must refund the amount without a claim, subject to provisos when assessments are set aside or annulled. The Assessing Officer may withhold refunds with prior approval if refunding would adversely affect revenue while appeals or other proceedings are pending. The Central Government must pay interest on delayed refunds at statutory rates, with special interest rules for amounts found excessive on appeal, exclusions for assessee attributable delay, adjustment where subsequent orders alter the refundable amount, and power to set off refunds against outstanding tax liabilities after written intimation.
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