Section 37A(1) in The Kerala Agricultural Income Tax Act, 1991
(1)Notwithstanding anything contained in this act or any judgement, decree or order of any Court or Tribunal, an assessee other than a company not being a small scale industrial unit who is in appear to pay tax due under this act for the period ending on the 31st day of March, 1997 shall be entitled to a reduction of sixty per cent of the amount of interest accrued on such tax under sub-section (4) of section 37;Provided that the entire arrears of tax with the reduction interest under the sub-section (2) shall be paid on or before 31st day of January 2000:Provided further that the maximum interest payable after allowing the reduction shall be limited to one hundred per cent of the amount of tax outstanding on the 1st day of April 1999.Provided also that where an assessee has paid the principle amount of tax or other amount due under this act prior to the 1st day of April, 1999 in pursuance of any order issued under this act by the Government or any authority, the interest payable by such assessee under this section shall be forty per cent of the interest outstanding as on the 1st day of April, 1999.
