TaxTMI 
TaxTMI 
Refunds
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.... be made, the refund, if any, shall become due only on the making of such fresh assessment; (b) the assessment is annulled, the refund shall become due only of the amount, if any, of the tax paid in excess of the tax chargeable on the ^4[net wealth] returned by the assessee.] ^5[(2)Where refund of any amount becomes due to the assessee as a result of an order under this Act or under the provisions of sub-section (1) of section 16 after a return has been made under section 14 or section 15 or in response to a notice under clause (i) of sub-section (4) of section 16 and the Assessing Officer is of the opinion, having regard to the fact that- ....
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....75, in pursuance of any order of assessment or penalty and such amount or any part thereof having been found in appeal or other proceeding under this Act to be in excess of the amount which such assessee is liable to pay as tax or penalty, as the case may be, under this Act, the Central Government shall pay to such assessee simple interest at the rate specified in sub-section (3) on the amount so found to be in excess from the date on which such amount was paid to the date on which the refund is granted: Provided that, where the amount so found to be in excess was paid in instalments, such interest shall be payable on the amount of each such instalment or any part of such instalment, which was in excess, from the....
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....nth or part of a month comprised in the period or periods from the date or, as the case may be, dates of payment of the tax or penalty to the date on which the refund is granted. Explanation.-For the purposes of this clause, "date of payment of the tax or penalty" means the date on and from which the amount of tax or penalty specified in the notice of demand issued under section 30 is paid in excess of such demand. (b) If the proceedings resulting in the refund are delayed for reasons attributable to the assessee, whether wholly or in part, period of the delay so attributable to him shall be excluded from the period for which interest is payable....
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....oner Appeals)], ^17[Commissioner (Appeals)] or ^18[Chief Commissioner or Commissioner], as the case may be, may, in lieu of payment of the refund, set off the amount to be refund­ed or any part of that amount, against the sum, if any, remaining payable under this Act by the person to whom the refund is due, after giving an intimation in writing to such person of the action proposed to be taken under this section.] ----------------------- Notes:- 1. Inserted vide Wealth-tax (Amendment) Act,1964, w.e.f. 1-4-1965. 2. Substituted vide Direct Tax Laws (Amendment) Act,1987, w.e.f. 1-4-1988. Before it was read as:- "Wealth-tax Officer" 3. Inserted vide Direct Tax Laws (Amendment) Act,1987, w.e.....
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....riod falling after 30-9-1984, and also in those cases where the interest became chargeable or payable from an earlier date], "twelve per cent" was substituted for "nine per cent" by the Finance Act, 1972, w.e.f. 1-4-1972, "nine per cent" was substituted for "six per cent" by the Taxation Laws (Amendment) Act,1967, w.e.f. 1-10-1967 and "six per cent" was substituted for "four per cent" by the Finance (No. 2) Act, 1965, w.e.f. 1-4-1965. 8. Inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-10-1975. 9. Inserted vide Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 10. Substituted vide Direct Tax Laws (Amendment) Act,1989, w.e.f. 1-4-1989. Before it was read as:- "Where, in pursuance of any order passed under this Act....