Refund claims timing: complete refund proceedings promptly to avoid statutory interest for delayed grants under income tax rules. The Board instructs that refund proceedings under the Income tax refund provision must be completed expeditiously within the statutory six month period from the date of claim; delays until the end of the general assessment time limit are not permissible where returns or revised returns are filed under the return provisions, because failure to grant refund within six months attracts statutory simple interest payable by the Government.
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 claims timing: complete refund proceedings promptly to avoid statutory interest for delayed grants under income tax rules.
The Board instructs that refund proceedings under the Income tax refund provision must be completed expeditiously within the statutory six month period from the date of claim; delays until the end of the general assessment time limit are not permissible where returns or revised returns are filed under the return provisions, because failure to grant refund within six months attracts statutory simple interest payable by the Government.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
