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of <h1>Clarification on Interest Levy u/s 220(2) When Original Tax Assessment is Set Aside or Restored.</h1> The circular addresses the levy of interest under section 220(2) of the Income-tax Act when an original assessment is set aside. It clarifies that if an assessment is canceled or set aside and this decision becomes final, no interest can be charged based on the original demand. However, if an assessment is varied or set aside but later restored, interest is calculated from the original demand notice date, based on the final tax amount. These instructions apply to similar proceedings under other direct taxes and should be communicated to relevant officers.
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