Section 35C in The Assam Agricultural Income-Tax Act, 1939
35C. Interest payable by assessee.
(1)Where on making the regular assessment under Section 20, the Agricultural Income Tax Officer finds that no payment of advance , tax has been made in accordance with the provisions of Section 35 or Section 35-A, interest at the rate of two per centum for each English Calendar month from the first day of April succeeding the financial year in which the advance tax was payable up to the month prior to the month of such regular assessment shall be payable by the assessee.(2)Where as a result of an order under Section 21, Section 24, Section 26, Section 27, Section 31, Section 28 or Section 29 the amount on which interest was payable under this section or Section 35-B has been reduced, the interest shall be reduced proportionately and the excess interest paid, if any, shall be refunded.
