Interest on excess refunds: taxpayers face interest on provisional refunds until regular assessment validates the refund. A new provision subjects provisional refunds granted under the provisional assessment provision to simple interest where no refund is due on regular assessment or where the provisional refund exceeds the regular refundable amount, charging interest from the date of refund until the date of regular assessment; subsequent orders that uphold the provisional refund reduce the interest chargeable, and first-time assessments under later assessment provisions 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: taxpayers face interest on provisional refunds until regular assessment validates the refund.
A new provision subjects provisional refunds granted under the provisional assessment provision to simple interest where no refund is due on regular assessment or where the provisional refund exceeds the regular refundable amount, charging interest from the date of refund until the date of regular assessment; subsequent orders that uphold the provisional refund reduce the interest chargeable, and first-time assessments under later assessment provisions are treated as regular assessments for these purposes.
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