Sec. 244(1A) of Income-tax Act, 1961-Need for giving appeal effects, etc., promptly-Regarding

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..... ing. Section 244(1) of the Income-tax Act, 1961, provides that where a refund is due to the assessee as a result of any order passed in appeal, or other proceedings under the Act and the refund is not granted within a period of three months from the end of the month in which such order is passed, the assessee will be entitled to receive simple interest at 12% per annum on the amount of the refun .....

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..... ng out of orders in appeal or other proceedings passed on or after 1st October, 1975, and the payment has been made after 31st March, 1975. No interest will, however, be payable for a period of one month from the date of the order passed in appeal or other proceedings. In other words, where the refund is granted within one month of the date of the order giving rise to the refund, interest will be .....

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..... he provisions in rule 119A of the Income-tax Rules, 1962, effective from 1st January, 1975, the period for which interest is to be calculated is rounded off to whole month and for this purpose any fraction of a month is ignored. Besides this, the amount of tax, penalty, etc., in respect of which interest is to be calculated, will be rounded off to the nearest multiple of one hundred rupees and for .....

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