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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Interest Recalculation on Protective Assessments: Section 220(2) IT Act, Taxes Considered Paid on Original Date.</h1> The Board addressed whether interest under section 220(2) of the Income-tax Act is applicable when protective assessments become final. In a case involving a trust and its sole beneficiary, the income was initially assessed in the beneficiary's hands, with a protective assessment on the trust. Upon appeal, it was decided the income should be assessed in the trust's hands, leading to tax adjustments. The Board concluded that taxes paid under protective assessments should be considered paid on the original payment date, and interest should be recalculated accordingly. This applies when adjustments are requested and interest claims are waived. Field officers are instructed to note these guidelines.
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