Section 153(5) of the Income Tax Act
Income-tax Act, 2025: s.286
Section 153(5) falls under section 153 of the Income-tax Act, 1961, which corresponds to section 286 (Time limit for completion of assessment, reassessment and recomputation) of the Income-tax Act, 2025.
Read section 286 of the 2025 Act
Correspondence checked against the ICAI tabular mapping of the two Acts and the BharatTax.co section commentary.
The decision most relied on for Section 153(5) is Stock Holding Corporation of India Ltd. v. CIT (53 Taxmann.com 106), cited in 13 of the 52 judgments on BharatTax that turn on this section.
Leading authorities on Section 153(5)
Tax paid on self-assessment falls under the residuary clause of Section 244A(1)(b) for refund interest, payable from the date of self-assessment tax payment until the refund date.
Section 115JB of the Income Tax Act does not apply to banking companies governed by the Banking Regulation Act, 1949, prior to the amendment made by the Finance Act, 2012. This is because such companies were not subject to the provisions of Section 115JB before this amendment.
