(2)If the amount specifed in any notice of demand under section 30 is not paid within the period Limited under sub-section (1), the assessee shall be liable to pay simple interest at ] [Substituted by Act 46 of 1964, Section 28, for Section 31 (w.e.f. 1.4.1965). ] [[one per cent.] [Substituted by Act 4 of 1988, Section 148, for certain words (w.e.f. 1.4.1989). ][for every month or part of a month comprised in the period commencing from the day immediately following the end of the period mentioned in sub-section (1) and ending with the day on which the amount is paid] [Substituted by Act 4 of 1988, Section 148, for certain words (w.e.f. 1.4.1989). ][:Provided that, where as a result of an order under section 23, ] [Substituted by Act 46 of 1964, Section 28, for Section 31 (w.e.f. 1.4.1965). ] [or section 23-A] [ Inserted by Act 10 of 2000, Section 74 (w.e.f. 1.6.2000).][or section 24, or section 25, or section 26, or section 27, or section 29, or section 35 ] [Substituted by Act 46 of 1964, Section 28, for Section 31 (w.e.f. 1.4.1965). ] [or any order of the Wealth-tax Settlement Commission under sub-section (4) of section 22-D] [ Inserted by Act 4 of 1988, Section 148 (w.e.f. 1.4.1989).][the amount on which interest was payable under this section had been reduced, the interest shall be reduced accordingly and the excess interest paid, if any, shall be refunded:] [Substituted by Act 46 of 1964, Section 28, for Section 31 (w.e.f. 1.4.1965). ][Provided further that in respect of any period commencing on or before the 31st day of March, 1989, and ending after that date, such interest shall, in respect of so much of such period as falls after that date, be calculated at the rate of ] [ Inserted by Act 4 of 1988, Section 148 (w.e.f. 1.4.1989).][one per cent.] [ Substituted by Act 54 of 2003, Section 20, for " one and one-fourth per cent." (w.r.e.f. 8.9.2003).][for every month or part of a month.] [ Inserted by Act 4 of 1988, Section 148 (w.e.f. 1.4.1989).][(2-A) Notwithstanding anything contained in sub-section (2), ] [Inserted by Act 67 of 1984, Section 66 (w.e.f. 1.10.1984). ][the ] [Substituted by Act 4 of 1988, Section 88, for " the Board may" (w.e.f. 1.4.1987). ][Chief Commissioner or Commissioner] [ Substituted by Act 11 of 1987, Section 127, for " Commissioner" (w.e.f. 1.4.1988).][may] [Substituted by Act 4 of 1988, Section 88, for " the Board may" (w.e.f. 1.4.1987). ] [reduce or waive the amount of ] [Inserted by Act 67 of 1984, Section 66 (w.e.f. 1.10.1984). ] [interest paid or payable by an assesse] [ Substituted by Act 11 of 1987, Section 88, for " interest payable by an assessee" (w.r.e.f. 1.10.1984).][under the said sub-section if, ] [Inserted by Act 67 of 1984, Section 66 (w.e.f. 1.10.1984). ][he is satisfied that] [ Substituted by Act 11 of 1987, Section 88, for certain words (w.e.f. 1.4.1987).],-(i)[ payment of such amount has caused or would cause genuine hardship to the assessee; [ Substituted by Act 11 of 1987, Section 88, for Clauses (i) and (ii) (w.e.f. 1.10.1984).](ii)default in the payment of the amount on which interest has been paid or was payable under the said sub-section was due to circumstances beyond the control of the assessee; and](iii)[ the assessee has co-operated in any inquiry relating to the assessment or any proceeding for the recovery of any amount due from him.] [Inserted by Act 67 of 1984, Section 66 (w.e.f. 1.10.1984). ]
