Anomalies surrounding ‘ Issuance of Refunds’ under the Income Tax Act I Provisions enumerated under the Income Tax Act i) If any person satisfies the Assessing officer that the amount of tax paid or payable by him or on his behalf exceeds the amount for which he is chargeable under the Income Tax Act (herein referred to as the ‘ITA’), he shall be entitled to a ‘refund’ of the excess. ii) Every claim for refund under Chapter XIX of the ITA shall be made by furnishing a return of income in accordance with the provisions of section 139.Section 244A specifies the rate of interest which is one-half percent and the time period for which the interest shall be calculated in different cases. iii) Considering the modus operandi of the authorities, genuine tax payers face hardships in the grant of refund and moreover the threat of revenue collecti...