Thursday, September 16, 2021

No interest can be levied on assessee for excess tax refund if assessment was reopened under sec. 147: HC

INCOME TAX : Assessment framed under section 143(3) read with section 147 not being assessment made for first time, same cannot be regarded as a 'regular assessment' for purposes of section 234D and therefore, no interest could have been levied on assessee for excess income tax refund

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