Interest on excess refund

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..... on 143 exceeds the amount refundable on regular assessment, the assessee shall be liable to pay simple interest at the rate of 2[one-half] per cent on the whole or the excess amount so refunded, for every month or part of a month comprised in the period from the date of grant of refund to the date of such regular assessment. (2) Where, as a result of an order under section 154 or section 155 or .....

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..... 1st day of June, 2003 if the proceedings in respect of such assessment year is completed after the said date.]] -------------------- Notes :- 1. Inserted by the Finance Act, 2003, w.e.f. 1-6-2003. 2. Substituted for "two-third" by the Taxation Laws (Amendment) Act, 2003, w.e.f. 8-9-2003. 3. Numbered as Explanation 1 thereof and after Explanation 1 as so numbered, the following Expl .....

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