Section 95 - Amendment of section 240 - Direct Tax Laws (Amendment) Act, 1987

95. Amendment of section 240. To section 240 of the Income-tax Act, the following proviso shall be added, namely :- Provided that where, by the order aforesaid,- (a) an assessment is set aside or cancelled and an order of fresh assessment is directed to be made, the refund, if any, shall become due only on the making of such fresh assessment; (b) the assessment is annulled, the refund shall become due only of the amount, if any, of the tax paid in excess of the tax chargeable on the total income returned by the assessee. .