Interest on refunds.

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....ances specified in column B of the Table below, for the period specified in column C of the said Table. Sl. No. Circumstances Period A B C 1.  Where the refund is out of tax collected at source under section 394 or paid by way of advance tax or treated as paid under section 390(5), during the financial year. (a) From the first day of April of the year following the ....

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....ub-section (1) (Table: Sl. No. 1 or 2), if the amount of refund is less than 10% of the tax as determined under section 270(1) or on regular assessment. (3) Where refund, mentioned in sub-section (1) (Table: Sl. No. 1), arises as a result of an order passed by the Assessing Officer in consequence of an application made by the assessee under section 288 (1) (Table: Sl. No. 11), interest shall be....

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....s granted. (5) For the purposes of sub-section (4), in a case where proceedings for assessment or reassessment are pending, in computing the period for determining the additional interest payable, the period beginning from the date on which such refund is withheld by the Assessing Officer as per and subject to provisions of section 438(3) and ending with the date upto which such refund is withh....

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....or in part, the period of the delay so attributable to him shall be excluded from the period for which interest is payable under this section. (8) Where any question arises as to the period to be excluded under sub-section (7), it shall be decided by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner whose decision thereon shall be final. (9) Whe....