Held that provision of section 234D inserted from 1-6-2003 would apply to all regular assessments made on or after 1-6-2003 irrespective of assessment year involved. The assessee was liable to pay interest on excess refund amount received by it as contemplated under section 234D during year. (AY. 2002-03)
CIT v. Lakshmi Vilas Bank Ltd. (2022) 287 Taxman 333 / 113 CCH 336 (Mad.)(HC)
S. 234D : Interest on excess refund-Provision inserted from 1-6-2003 would apply to all regular assessments made on or after 1-6-2003 irrespective of assessment year involved-Liable to pay interest.