Where the amount paid by the assessee under this sub-section falls short of the aggregate of the tax and interest as aforesaid, the amount so paid shall first be adjusted towards the interest payable as aforesaid and the balance, if any, shall be adjusted towards the tax payable.
Is the Same concept be used in case of multiple refunds from the Income Tax Department.
02 July 2010
Then also they calculate the total amount to be refuneded along with interest and then less the amount already refunded in totality. In calculation of interest of multiple refunds the amount already refunded in respective of tax should only be deducted.