https://www.taxtmi.com/acts?id=50775 Amendment to section 34A provides that refunds become due only upon fresh assessment when an assessment is set aside or cancelled, and where an assessment is annulled refunds are limited to tax paid in excess of tax chargeable on the total income returned. Sub-section (4B) entitles the assessee to simple interest on refunds from the date of payment of tax or penalty paid in excess of the notice of demand, excludes periods of delay attributable to the assessee (decision by Chief Commissioner or Commissioner), and requires adjustment and notice of demand where the amount on which interest was payable is altered. en-us Tue, 15 Apr 2025 11:00:54 +0530 Tue, 15 Apr 2025 11:00:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=50775 Amendment to section 34A provides that refunds become due only upon fresh assessment when an assessment is set aside or cancelled, and where an assessment is annulled refunds are limited to tax paid in excess of tax chargeable on the total income returned. Sub-section (4B) entitles the assessee to simple interest on refunds from the date of payment of tax or penalty paid in excess of the notice of demand, excludes periods of delay attributable to the assessee (decision by Chief Commissioner or Commissioner), and requires adjustment and notice of demand where the amount on which interest was payable is altered. Act-Rules F. Acts / Amendment Acts Tue, 15 Apr 2025 11:00:54 +0530 https://www.taxtmi.com/acts?id=50775