(2)Where, as a result of an order under section 154 or section 155 or section 250 or section 254 or section 260 or section 262 or section 263 or section 264 or an order of the Settlement Commission under sub-section (4) of section 245-D, the amount of refund granted under sub-section (1) of section 143 is held to be correctly allowed, either in whole or in part, as the case may be, then, the interest chargeable, if any, under sub-section (1) shall be reduced accordingly.Explanation. - Where, in relation to an assessment year, an assessment is made for the first time under section 147 or section 153-A, the assessment so made shall be regarded as a regular assessment for the purposes of this section.] [ Substituted by Act 21 of 2006, Section 50, for Explanation (w.e.f. 1.4.2007).]
