(1)Where a land-holder liable to pay tax fails to make advance payment of the amount of tax at the time of filling prescribed returns or to make payment of the amount of tax assessed by the Assessing Authority, he shall be liable to pay interest on the amount of tax payable by him at the rate of percent per annum from the date on which payment of the amount of tax became due upto the date of payment of such amount.(2)Where the amount of tax payable by a land-holder is reduced in appeal by the Appellate Authority, the amount of interest shall be calculated on such reduced amount and the excess amount of interest, if any, paid by the land-holder shall be refunded to him by the Assessing Authority.
