https://www.taxtmi.com/acts?id=48870 Interest is chargeable where a refund previously granted to an assessee either was not due on regular assessment or exceeded the refundable amount; the assessee must pay simple interest at the prescribed monthly rate on the whole or excess refunded amount from the date of grant of the refund until the date of regular assessment. If a later order upholds the refund in whole or part, the interest is reduced accordingly. A first-time assessment under the re assessment procedure is treated as a regular assessment for these purposes. en-us Fri, 14 Feb 2025 13:21:52 +0530 Fri, 14 Feb 2025 13:21:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=48870 Interest is chargeable where a refund previously granted to an assessee either was not due on regular assessment or exceeded the refundable amount; the assessee must pay simple interest at the prescribed monthly rate on the whole or excess refunded amount from the date of grant of the refund until the date of regular assessment. If a later order upholds the refund in whole or part, the interest is reduced accordingly. A first-time assessment under the re assessment procedure is treated as a regular assessment for these purposes. Act-Rules Bills Fri, 14 Feb 2025 13:21:52 +0530 https://www.taxtmi.com/acts?id=48870