Interest on excess refund.
212. (1) An assessee shall be liable to pay simple interest at the rate of one-half per cent. per month on the excess amount of refund granted to him in circumstances specified in sub-section (2) for the period mentioned in sub-section (3).
(2) The circumstances referred to in sub-section (1) shall be where any refund is granted to the assessee under sub-section (1) of section 149, and—
(a) no refund is due on assesment made under section 155 or section 156 or section 159; or
(b) the amount refunded under sub-section (1) of section 149 exceeds the amount refundable on assessment, assessment made under section 155 or section 156 or section 159.
(3) The period referred to in sub-section (1) shall commence from the date of grant of refund and end on the date of regular assessment.
(4) The interest chargeable, if any, under sub-section (1) shall be varied in accordance with any rectification, revision or appellate order under this Code.
