Refund of tax paid on original assessment becomes due on date when Commissioner passes order u/s 263.

Refund of tax paid on original assessment becomes due on date when Commissioner passes order u/s 263. https://www.taxtmi.com/circulars?id=9037 Cancellation of an assessment by the Commissioner does not by itself create a right to refund; refund arises only when excess tax payment is established. Cancellation for reframing indicates tax liability remains to be determined in a fresh assessment, and there is no obligation to repay tax solely because the original assessment was set aside. Fresh assessments must be completed within the statutory reassessment period and authorities are directed to expedite and monitor completion. en-us Fri, 24 Sep 1976 00:00:00 +0530 Wed, 01 Jun 2011 17:59:00 +0530 TaxTMI RSS Generator Refund of tax paid on original assessment becomes due on date when Commissioner passes order u/s 263. https://www.taxtmi.com/circulars?id=9037 Cancellation of an assessment by the Commissioner does not by itself create a right to refund; refund arises only when excess tax payment is established. Cancellation for reframing indicates tax liability remains to be determined in a fresh assessment, and there is no obligation to repay tax solely because the original assessment was set aside. Fresh assessments must be completed within the statutory reassessment period and authorities are directed to expedite and monitor completion. Circulars Income Tax Fri, 24 Sep 1976 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9037