Insertion of new section 234D

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..... is granted to the assessee under sub-section (1) of section 143, and- (a) no refund is due on regular assessment; or (b) the amount refunded under sub-section (1) of section 143 exceeds the amount refundable on regular assessment, the assessee shall be liable to pay simple interest at the rate of two-third per cent on the whole or the excess amount so refunded, for every month or part of a mon .....

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