https://www.taxtmi.com/caselaws?id=6932 On a reference under section 66(7) of the Indian Income-tax Act, 1922 read with the Excess Profits Tax Act, 1940, interest on refund is confined to the assessment or accounting period actually comprised in the reference. The proviso to section 66(7) applies only where that very assessment is reduced and the overpaid sum becomes refundable with interest. Even though the legal principle decided in the reference may affect other accounting periods, refunds arising in those periods are not refunds directly resulting from the reference. Interest is therefore payable only on the refund relating to the particular accounting period covered by the reference. en-us Wed, 18 Jan 1967 00:00:00 +0530 Sat, 07 Feb 2009 10:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6932 On a reference under section 66(7) of the Indian Income-tax Act, 1922 read with the Excess Profits Tax Act, 1940, interest on refund is confined to the assessment or accounting period actually comprised in the reference. The proviso to section 66(7) applies only where that very assessment is reduced and the overpaid sum becomes refundable with interest. Even though the legal principle decided in the reference may affect other accounting periods, refunds arising in those periods are not refunds directly resulting from the reference. Interest is therefore payable only on the refund relating to the particular accounting period covered by the reference. Case-Laws Income Tax Wed, 18 Jan 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6932