Interest rate u/s 50(3) has been reduced from 24% to 18% via FA 2022 and the same has been amended retrospectively.
So, will there be any adjustment for interest already paid @ 24% prior to this amendment?
Yes there must be . as many taxpayers have paid huge interest @ 24% .
As there is no clarification in this regard from department & department will never allow refund on same . But the case can be litigated.
CAclubindia
