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TMI BlogInterest on refunds.X X X X Extracts X X X X X X X X Extracts X X X X ..... column B of the Table below, for the period specified in column C of the said Table. TABLE Sl.No. Circumstances Period A B C 1. Such refund is out of- (a) tax collected at source under section 394; or (b) paid by way of advance tax; or (c) treated as paid under section 390(5), during the year. (a) From the first day of April following the tax year to the date the refund is granted, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ined 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 (Table: Sl. No. 11), such interest shall be calculated at the rate of 0.5% for every month or part of a month comprised in the period from the da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ending, 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 on which such assessment or reassessment is made, shall be excluded. (6) Where refund of any amount becomes due to the deductor in respect of any amo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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) Where, as a result of an order under section 270(10) or 271 or 279 or 287 or 288 or 359 or 363 or 365(10) or 368 or 377 or 378, the amount on which interest was ..... X X X X Extracts X X X X X X X X Extracts X X X X
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