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of <h1>Income Tax Act Section 244(1A) Ensures Timely Refunds with 12% Interest for Delays Beyond Three Months.</h1> Section 244(1A) of the Income-tax Act, 1961, mandates prompt action on appeal effects, emphasizing the need for timely refunds to assessees. If a refund due from an appellate order is delayed beyond three months, the assessee is entitled to 12% interest annually. The 1975 amendment specifies that interest is payable from the date the disputed amount was originally paid until the refund is granted, minus one month if the refund is delayed. Interest calculations consider instalments and are rounded to whole months and nearest hundred rupees. Officers must ensure swift processing of orders to avoid interest liabilities.
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