Interest for default in furnishing return of chargeable interest.

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....tion (2) of that section, is furnished after the due date, or is not furnished, the assessee shall be liable to pay simple interest at the rate of two per cent for every month or part of a month comprised in the period commencing on the date immediately following the due date, and,— (a) where the return is furnished after the due date, ending on the date of the furnishing of the return; or ....

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.... 8. Explanation 3.—For the purposes of computing the interest payable under section 9, interest-tax on the chargeable interest declared in the return shall be deemed to be the interest-tax on total chargeable interest determined under sub-section (2) or sub-section (3) of section 8. (2) The interest payable under sub-section (1) shall be reduced by the interest, if any, paid under section ....

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.... of the reassessment under section 10, on the amount by which the interest-tax on the chargeable inter­est as determined on the basis of such reassessment exceeds the interest-tax on chargeable interest on the basis of earlier assessment aforesaid. (4) Where, as a result of an order under section 15 or section 17 of this Act or section 254 or section 260 or section 262 of the Income-tax ....