Interest payable by assessee

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...., being a company, the provisions of this sub-section shall have effect as if for the words "seventy-five per cent", the words "eighty-three and one-third per cent" had been substituted.] ^5[(2) Where before the date of completion of a regular assessment, tax is paid by the assessee under section 140A or otherwise,- (i) interest shall be calculated in accordance with the foregoing provision up to the date on which the tax is so paid ; and (ii) thereafter, interest shall be calculated at the rate aforesaid on the amount by which the tax as so paid (in so far as it relates to income subject to advance tax) falls short of the assessed tax.] ^6[(3) Where as a result of an order under section 147 or section 154 or section....

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....n relation to an assessment year, an assessment is made for the first time under section 147, the assessment so made shall be regarded as a regular assessment for the purposes of this section and sections 216, 217 and 273.]     **************** NOTES:- 1. Substituted vide Section 18 of the Finance Act, 1969 w.e.f. 01-04-1970 before it was read as,  "(1) Where in any financial year an assessee has paid advance-tax under section 212 on the basis of his own estimate, and the advance-tax so paid is less than seventy-five per cent of the tax determined on the basis of the regular assessment reduced by the amount of tax deductible in accordance with the provisions of sections 192 to 194, section 194A and ....

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....ovisional assessment is made under section 141 or tax is paid by the assessee otherwise than in pursuance of such a provisional assessment- (i) interest shall be calculated in accordance with the foregoing provision up to the date on which the tax is paid either as provisionally assessed or otherwise ; and (ii) thereafter interest shall be calculated at the rate aforesaid on the amount by which tax as so paid in so far as it relates to income subject to advance-tax falls short of the said seventy-five per cent." Earlier, Substituted vide Section 13 of the Finance Act, 1963 w.e.f. 01-04-1963 before it was read as, "(2) Where provisional assessment is made under section 141- (i) interest shall be ca....