The Gift-Tax Act, 1958
33A. Refunds
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Where, as a result of any order passed in appeal or other
proceeding under this Act, refund of any amount becomes due to the assessee the
Gift-tax Officer shall, except as otherwise provided in this Act, refund the
amount to the assessee without his having to make any claim in that behalf.
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Where an order giving rise to a refund is the subject matter of an appeal
or further proceeding or where any other proceeding under this Act is pending,
and the Gift-tax Officer is of the opinion that the grant of refund is likely
to adversely affect the revenue, the
Gift-tax Officer may, with the previous approval of the Commissioner withhold
the refund till such time as the Commissioner may determine.
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Where a refund is due to the assessee in pursuance of an order referred to
in sub-section (1) and the Gift-tax Officer does not grant the refund within a
period of six months from the date of suck order, the Central Government shall
pay to the assessee simple interest at 4[twelve per cent] per annum on the
amount of refund due from the date immediately following the expiry of the
period of six months aforesaid to the date on which the refund is granted.
3A.
Where the whole or any
part of the refund referred to in sub-section (3) is due to an assessee as a
result of any amount having been paid by him after the 31st day of March, 1975,
in pursuance of any order of assessment or penalty and such amount or any part
thereof having been found in appeal or other proceeding under this Act to be in
excess of the amount which such assessee is liable to pay as tax or penalty, as
the case may be, under this Act, the Central Government shall pay to such
assessee simple interest at the rate specified in sub-section (3) on the amount
so found to be in excess from the date on which such amount was paid to the date
on which the refund is granted:
Provided that, where the amount so found to be in excess was paid in instalments,
such interest shall be payable, on the amount of each such instalment or any
part of such instalment, which was in excess, from the date on which such instalment
was paid to the date on which the refund is granted:
Provided further that no interest under this sub-section shall be payable for a
period of one month from the date of the passing of the order in appeal or
other proceeding:
Provided also that where any interest is payable to an assessee under this
sub-section, no interest under sub-section (3) shall be payable to him in
respect of the amount so found to be in excess.]
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Where a refund is withheld under the provisions of sub-
section (2), the Central Government shall pay interest at the aforesaid rate on
the amount of refund ultimately determined to be due as a result of the appeal
or further proceedings for a period commencing after the expiry of six months
from, the date of the order referred to in that sub-section to the date the
refund is granted.
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Subs. by Act 32 of 1971, s. 37, for certain words (w.e.f. 1-4-1972).
- Ins. by Act 53 of 1962, s. 25 (w.e.f. 1-4-1963).
- Subs. by Act 27 of 1967, s, 3, for "six per cent." (w.e.f.1-10-1967).
- Subs. by Act 16 of 1972, s.52 (w.e.f. 1-4-1972).
- Ins. by Act 41 of 1975, s. 118 (w.e.f. 1-10-1975).
- Where under any of the provisions of this Act, a refund is found to be
due to any person, the Gift-tax Officer, Appellate Assistant Commissioner 1[, Commissioner (Appeals)] or commissioner, as the case may
be, may, in lieu of payment of the refund, set off the amount to be refunded or
any part of that amount, against the sum, if any, remaining payable1 Ins. by Act 29 of 1977, 39 & sch. V (w.e.f. 10.7.1978).888Gunder this Act by the person to whom the refund is due, after giving an
intimation in writing to such person of the action proposed to be taken under
this section.)
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