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of <h1>Finance Act 1963 amends Section 139, adjusting interest reduction and refund rules; new provisions for Income Tax Officers.</h1> Section 139 of the Income Tax Act has been amended by the Finance Act, 1963. The amendment omits the phrase 'as finally assessed' from sub-section (1), clause (iii)(b) of the proviso. A new sub-section (1A) is added, allowing for the reduction and refund of excess interest if tax amounts are reduced due to orders under specified sections. Additionally, a new sub-section (8) permits the Income Tax Officer to reduce or waive interest under prescribed circumstances, overriding clause (iii) of the proviso to sub-section (1).
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