Interest on excess refund

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..... b-section (1) of section 143 exceeds the amount refundable on regular assessment, the assessee shall be liable to pay simple interest at the rate of 2 [one-half] per cent on the whole or the excess amount so refunded, for every month or part of a month comprised in the period from the date of grant of refund to the date of such regular assessment. (2) Where, as a result of an order under .....

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..... to an assessment year commencing before the 1st day of June, 2003 if the proceedings in respect of such assessment year is completed after the said date. ]] -------------------- Notes :- 1 . Inserted by the Finance Act, 2003, w.e.f. 1-6-2003. 2. Substituted for two-third by the Taxation Laws (Amendment) Act, 2003, w.e.f. 8-9-2003. 3. Numbered as Explanat .....

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