ITAT devised new mechanism to calculate interest on refund of excess self-assessment tax

IT: Payment of excess self-assessment tax can't be regarded as payment of tax before processing of return under section 143(1). Thus, refund of excess self-assessment tax will not carry any interest from the date of payment but it will carry interest from the date of processing of return under section 143(1) till the date of granting of refund. Excess self-assessment tax, being not chargeable under Section 4(1), it cannot be regarded as payment of tax merely for the reason that the assessee has