(7)Irrespective of anything contained in section 424(2), for the purposes of sub-section (3), interest payable under section 424 shall be computed on an amount equal to the assessed tax where, "assessed tax" means the tax on the total income as declared in the return to be furnished under section 263(6),—(a)after taking into account,—(i)the amount of relief or tax referred to in section 266(1), the credit for which has been claimed in the earlier return, if any;(ii)tax deducted or collected at source, as per the provisions of Chapter XIX-B, on any income which is subject to such deduction or collection and which is taken into account in computing such total income, which has not been included in the earlier return;(iii)any relief of tax or deduction of tax claimed under section 159(1) or 160 on account of tax paid in a country outside India on such income which has not been included in the earlier return;(iv)any relief of tax claimed under section 159(2) on account of tax paid in any specified territory outside India referred to in that section on such income which has not been included in the earlier return;(v)any tax credit claimed, to be set off as per sections 206(1)(m) to (p) and 206(2)(e) to (h), which has not been claimed in the earlier return; and(b)as increased by refund, if any, issued in respect of such earlier return.
