Payment of tax on settlement.

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....ation by the assessee, extend the time for payment of additional amount of income-tax or wealth-tax or allow the payment by instalments if the assessee furnishes adequate security for such payment.    (3) The assessee shall, if the tax is not paid within the time specified in sub-section (1), be liable to pay simple interest at the rate of fifteen per cent. per annum on the amount rem....