Interest payable by Government

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....s 207 to 213 exceeds the amount of the ^2[assessed tax] from the 1st day of April next following the said financial year to the date of the regular assessment for the assessment year immediately following the said financial year, and where any such instalment is paid after the expiry of the financial year, during which it is payable by reason of the provisions of section 213, interest as aforesaid....

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....r shall serve on the assessee, a notice of demand in the prescribed form specifying the amount of the excess interest payable and requiring him to pay such amount ; and such notice of demand shall be deemed to be a notice under section 156 and the provisions of this Act shall apply accordingly.] (2) On any portion of such amount which is refunded under this Chapter, interest shall be payable on....

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....he first time under section 147, the assessment so made shall be regarded as a regular assessment for the purposes of this section.]     ************** NOTES:- 1. Substituted vide Section 24 of the Taxation Laws (Amendment) Act, 1984 w.e.f. 01-10-1984 before it was read as, "twelve" Earlier, Substituted vide Section 53 of the Finance Act, 1965 w.e.f. 01-04-....

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.... interest shall be reduced accordingly and the excess, if any, paid shall be deemed to be tax payable by the assessee and the provisions of this Act shall apply accordingly." Earlier, Inserted vide Section 16 of the Finance Act, 1968 w.e.f. 01-04-1968 5. Inserted vide Section 82 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 6. Substituted vide Section 2 of....