Interest
payable by assessee when no estimate made.
61217. 62[(1) Where, on making the regular assessment, 63[the 64[Assessing] Officer finds—
(a) that any such person as is referred to in clause (a) of sub-section
(1) of section 209A has not sent the statement
referred to in that clause or the estimate in lieu of such statement referred
to in sub-section (2) of that section ; or
(b) that any such person as is referred to in clause (b) of
sub-section (1) of section 209A has not sent the
estimate referred to in that clause,]
simple interest at
the rate of 65[fifteen] per cent per annum from the 1st day of April next following
the financial year in which the advance tax was payable in accordance with the
said 66[sub-section (1) or sub-section (2)] up to the date of the regular
assessment shall be payable by the assessee upon the amount equal to the
assessed tax as defined in sub-section (5) of section
215.]
67[(1A) Where, on making the regular assessment, the 68[Assessing] Officer finds that 69[any person who is required to send an estimate
under sub-section (4) of section 209A or] any
such person as is referred to in sub-section (3A) of section
212 has not sent the estimate referred to therein, simple interest at the
rate of 70[fifteen] per cent per annum from the 1st day of April next following
the financial year in which the advance tax was payable in accordance with the
said 71[sub-section (4) or, as the case may be, sub-section (3A)] up to the
date of the regular assessment shall be payable by the assessee upon the amount
by which the advance tax paid by him falls short of the assessed tax as defined
in sub-section (5) of section 215.]
(2) The provisions of sub-sections (2), (3)
and (4) of section 215 shall apply to interest
payable under this section as they apply to interest payable under that
section.
