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Statutory refund interest under Section 244A must be rectified...
Statutory refund interest requires correction of short computation and compensation where admitted interest remains unpaid through administrative delay.
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Statutory refund interest under Section 244A must be rectified where an accepted rectification application shows that interest was short-granted. The notes state that a system-related failure to implement the accepted computation does not defeat entitlement to the outstanding statutory interest. They further explain that tax refunds and accrued statutory interest constitute a debt owed by the Revenue; delayed payment of admitted interest, when not attributable to the taxpayer, may attract interest or compensation without constituting impermissible interest-on-interest. The described direction requires payment of the outstanding Section 244A interest and compensation for delayed payment.
Statutory refund interest under Section 244A must be rectified where an accepted rectification application shows that interest was short-granted. The notes state that a system-related failure to implement the accepted computation does not defeat entitlement to the outstanding statutory interest. They further explain that tax refunds and accrued statutory interest constitute a debt owed by the Revenue; delayed payment of admitted interest, when not attributable to the taxpayer, may attract interest or compensation without constituting impermissible interest-on-interest. The described direction requires payment of the outstanding Section 244A interest and compensation for delayed payment.
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