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TMI BlogInterest payable by assesseeX X X X Extracts X X X X X X X X Extracts X X X X ..... simple interest at the rate of 3[fifteen] per cent per annum from the 1st day of April next following the said financial year up to the date of the regular assessment shall be payable by the assessee upon the amount by which the advance tax so paid falls short of the assessed tax :] 4[Provided that in the case of an assessee, being a company, the provisions of this sub-section shall have effect a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent Commission under sub-section (4) of section 245D], the amount on which interest was payable under sub-section (1) has been increased or reduced, as the case may be, the interest shall be increased or reduced accordingly, and- (i) in a case where the interest is increased, the 8[Assessing] Officer shall serve on the assessee, a notice of demand in the prescribed form specifying the sum payabl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... far as it is not due to variations in the rates of tax made by the Finance Act enacted for the year for which the regular assessment is made.] 14[(6) Where, in relation to an assessment year, an assessment is made for the first time under section 147, the assessment so made shall be regarded as a regular assessment for the purposes of this section and sections 216, 217 and 273.] --------------- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 8. Substituted for "Income-tax", by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 9. Substituted for "Income-tax" by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 10. Inserted by the Finance Act, 1969, w.e.f. 1-4-1970. 11. Inserted by the Finance Act, 1972, w.e.f. 1-4-1972. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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