Section 64(7) of the Estate Duty Act-Question of the period for which interest to be allowed - Income Tax - 328/1982

Section 64(7) of the Estate Duty Act-Question of the period for which interest to be allowed Circular No. 328 Dated 18/2/1982 To All Controllers of Estate Duty/ Commissioners of Income-tax. Sir, Subject: Section 64(7) of the Estate Duty Act-Question of the period for which interest to be allowed. Vide Board's Instruction No. 1318 dated 12-3-1980 issued from F. No. 304/33/79-ED(Dt.) it was decided that the rate of interest payable under section 64(7) of the Estate Duty Act should be 8%. 2. The Board recently have had an occasion to consider as to what should be the period for which interest under section 64(7) is allowable. It has been decided that interest on delayed refunds covered under section 64(7) may be allowed for the period commencing from the date of payment of excess estate duty till the date of the order granting the refund, on the lines of the provisions of section 244(1A) of the Income-tax Act, 1961. 3. The above may be brought to the notice of all the officers working in your charge. Yours faithfully, (Sd.) P.K. Chopra Under Secretary Central Board of Direct Taxes.