(1)Subject to the other provisions of this Act, where any refund is granted to the assessee under sub-section (1) of section 143, and-(a)no refund is due on regular assessment; or(b)the amount refunded under sub-section (1) of section 143 exceeds the amount refundable on regular assessment, the assessee shall be liable to pay simple interest at the rate of ] [one-half per cent.] [ Substituted by Act 54 of 2003, Section 15, for " two-third per cent." (w.r.e.f. 8.9.2003).][on the whole or the excess amount so refunded, for every month or part of a month comprised in the period from the date of grant of refund to the date of such regular assessment. [Inserted by Act 32 of 2003, Section 91 (w.e.f. 1.6.2003).]
