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of <h1>CBDT Clarifies Refund Interest: Section 244 Defines Three-Month Period for Interest on Delayed Tax Refunds.</h1> Instruction No. 514 issued by the Central Board of Direct Taxes on February 24, 1973, addresses the computation of the three-month period for refund interest under Section 244 of the Income Tax Act, 1961. It clarifies that interest is payable if a refund is not granted within three months of the appellate order. If an assessment is set aside, the refund period starts from the Income Tax Officer's reframed assessment date. However, if the appellate authority requires further inquiries, the refund period begins from the date the Income Tax Officer reaches a decision.
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