Interest on delayed tax refunds ensures assessees receive statutory interest and mandates standardised computation for payment. Statutory interest is payable to assessees where refunds are delayed or where amounts paid under assessment or penalty are later found refundable on appeal; interest runs from the date of excess payment until refund is granted. To address omissions by officers, two prescribed computation sheets are mandated: one for general delayed refunds and one for refunds resulting from assessments or penalties reversed on appeal, and these forms must be used immediately to ensure consistent calculation and payment of interest.
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 delayed tax refunds ensures assessees receive statutory interest and mandates standardised computation for payment.
Statutory interest is payable to assessees where refunds are delayed or where amounts paid under assessment or penalty are later found refundable on appeal; interest runs from the date of excess payment until refund is granted. To address omissions by officers, two prescribed computation sheets are mandated: one for general delayed refunds and one for refunds resulting from assessments or penalties reversed on appeal, and these forms must be used immediately to ensure consistent calculation and payment of interest.
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