Interest on tax demand accrues monthly when a demanded amount remains unpaid after the notice period; adjustments follow variation orders. Amounts specified in a notice of demand must be paid within thirty days; the period may be reduced only with prior approval of the Joint Commissioner. If unpaid after the specified period, the assessee is liable for simple interest calculated monthly from the day after the period ends until payment, and interest is adjusted upward or downward to reflect any rectification, revision or appellate order that changes the underlying amount.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest on tax demand accrues monthly when a demanded amount remains unpaid after the notice period; adjustments follow variation orders.
Amounts specified in a notice of demand must be paid within thirty days; the period may be reduced only with prior approval of the Joint Commissioner. If unpaid after the specified period, the assessee is liable for simple interest calculated monthly from the day after the period ends until payment, and interest is adjusted upward or downward to reflect any rectification, revision or appellate order that changes the underlying amount.
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