Amendment of section 245D

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..... ) after sub-section (2), the following sub-sections shall be inserted, namely:- "(2A) Subject to the provisions of sub-section (2B), the assesses shall, within thirty-five days of the receipt of a copy of the order under sub-section (1), pay the additional amount of income-tax payable on the income disclosed in the application and shall furnish proof of such payment to the Settlement Commission. .....

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..... rest at fifteen per cent. per annum on the amount remaining unpaid from the date of expiry of the period of thirty-five days referred to in sub-section (2A). (2D) Where the additional amount of income-tax referred to in sub-section (2A) is not paid by the assessee within the time specified under that sub-section or extended under sub-section (2B), as the case may be, the Settlement Commission ma .....

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..... e for payment of such tax or has allowed payment thereof by instalments, the assessee shall be liable to pay simple interest at fifteen per cent. per annum on the amount remaining unpaid from the date of expiry of the period of thirty-five days aforesaid."; (e) after sub-section (7), the following sub-section shall be inserted, namely: - "(8) For the removal of doubts, it is hereby declared th .....

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