Interest for default in furnishing retrun of tax basis.

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.... at the rate of one per cent. per month, in circumstances specified in sub-section (2) for the period mentioned in sub-section (3) on the amount computed under sub-section (4).    (2) The circumstances referred to in sub-section (1) shall be -      (a) where the return of tax-bases for any financial year under sub-section (1) or sub-section (6) of section 144 or....

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....notice or is not furnished.    (3) The period referred to in sub-section (1) shall—      (a) in a case referred to in clause (a) or clause (b) of sub-section (2), shall commence on the date immediately following the due date and—        (i) end on the date of furnishing of the return; or      &nbsp....

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....(2), shall be computed in accordance with the following formula -          A - B          Where          A = the amount of the tax on the total income determined under sub-section (1) of section 149 or on assessment made under sub-section (1) of section 155 or sub-sectio....

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....d in a country outside India; and                (v) any tax credit available for set-off under section 106;          (b) in a case referred to in clause (c) of sub-section (2), shall be the amount by which tax determined on reassessment exceeds the tax on the total income determined....