217. Interest payable by assessee when no estimate made.
- [(1) Where, on making the regular assessment, ] [Substituted by Act 14 of 1969, Section 20, for sub-Section (1) (w.e.f. 1.4.1970).][the ] [Substituted by Act 19 of 1978, Section 29, for " the Income-tax officer finds that any such person as is referred to in sub-Section (3) of section 212 has not sent the estimate referred to therein" (w.e.f. 1.6.1978).][Assessing Officer] [ Substituted by Act 4 of 1988, Section 2, for " Income-tax Officer" (w.e.f. 1.4.1988).][finds-(a)that any such person as is referred to in clause (a) of sub-section (1) of section 209-A has not sent the statement referred to in that clause or the estimate in lieu of such statement referred to in sub-section (2) of that section; or(b)that any such person as is referred to in clause (b) of sub-section (1) of section 209-A has not sent the estimate referred to in that clause,][simple interest at the rate of ] [Substituted by Act 14 of 1969, Section 20, for sub-Section (1) (w.e.f. 1.4.1970).][fifteen per cent.] [ Substituted by Act 67 of 1984, Section 24, for " twelve per cent." (w.r.e.f. 1.10.1984).][per annum for the 1st day of April next following the financial year in which the advance tax was payable in accordance with ] [Substituted by Act 14 of 1969, Section 20, for sub-Section (1) (w.e.f. 1.4.1970).] [the said sub-section (1) or sub-section (2)] [ Substituted by Act 19 of 1978, Section 29, for " the said sub-section" (w.e.f. 1.6.1978).][up to the date of the regular assessment shall be payable by the assessee upon the amount equal to the assessed tax as defined in sub-section (5) of section 215.(1-A) Where, on making the regular assessment, the ] [Substituted by Act 14 of 1969, Section 20, for sub-Section (1) (w.e.f. 1.4.1970).] [Assessing Officer] [ Substituted by Act 4 of 1988, Section 2, for " Income-tax Officer" (w.e.f. 1.4.1988).][finds that ] [Substituted by Act 14 of 1969, Section 20, for sub-Section (1) (w.e.f. 1.4.1970).] [any person who is required to send an estimate under sub-section (4) of section 209-A] [ Inserted by Act 19 of 1978, Section 29 (w.e.f. 1.6.1978).][or any such person as is referred to in sub-section (3-A) of section 212 has not sent the estimate referred to therein, simple interest at the rate of ] [Substituted by Act 14 of 1969, Section 20, for sub-Section (1) (w.e.f. 1.4.1970).] [fifteen per cent.] [ Substituted by Act 67 of 1984, Section 24, for " twelve per cent." (w.r.e.f. 1.10.1984).][per annum from the 1st day of April next following the financial year in which the advance tax was payable in accordance with ] [Substituted by Act 14 of 1969, Section 20, for sub-Section (1) (w.e.f. 1.4.1970).] [the said sub-section (4) or, as the case may be, sub-section (3-A)] [ Substituted by Act 19 of 1978, Section 29, for " the said sub-section" (w.e.f. 1.6.1978).][up to the date of the regular assessment shall be payable by the assessee upon the amount by which the advance tax paid by him falls short of the assessed tax as defined in sub-section (5) of section 215.] [Substituted by Act 14 of 1969, Section 20, for sub-Section (1) (w.e.f. 1.4.1970).](2)The provisions of sub-sections (2), (3) and (4) of section 215 shall apply to interest payable under this section as they apply to interest payable under that section.
