Interest on provisional tax refunds: allowable but payable only at the time of regular assessment. Interest on tax refunds for excess advance tax is allowable for the refunded provisional amount but is payable only at the time of the regular assessment; adjustments to interest (increase or reduction) follow from post assessment orders arising from the regular assessment process. The prior Board Instruction treating interest as payable on provisional assessment is withdrawn.
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 provisional tax refunds: allowable but payable only at the time of regular assessment.
Interest on tax refunds for excess advance tax is allowable for the refunded provisional amount but is payable only at the time of the regular assessment; adjustments to interest (increase or reduction) follow from post assessment orders arising from the regular assessment process. The prior Board Instruction treating interest as payable on provisional assessment is withdrawn.
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