(3)Where the return of income for any assessment year, required [by a notice under section 148 or section 153-A] [ Substituted by Act 32 of 2003, Section 89, for certain words (w.e.f. 1.6.2003).] issued [after the determination of income under sub-section (1) of section 143 or] [ Inserted by Act 3 of 1989, Section 38 (w.e.f. 1.4.1989).] after the completion of an assessment under sub-section (3) of section 143 or section 144 or section 147, is furnished after the expiry of the time allowed under such notice, or is not furnished, the assessee shall be liable to pay simple interest at the rate of [one per cent.] [ Substituted by Act 54 of 2003, Section 12, for " one and one-fourth per cent." (w.r.e.f. 8.9.2003).] for every month or part of a month comprised in the period commencing on the day immediately following the expiry of the time allowed as aforesaid, and,-(a)where the return is furnished after the expiry of the time aforesaid, ending on the date of furnishing the return; or(b)where no return has been furnished, ending on the date of completion of the re-assessment or re-computation under section 147 [or reassessment under section 153-A] [ Inserted by Act 32 of 2003, Section 89 (w.e.f. 1.6.2003).], on the amount by which the tax on the total income determined on the basis of such re-assessment or re-computation exceeds the tax on the total [income determined under sub-section (1) of section 143 or on the basis of the earlier assessment aforesaid] [ Substituted by Act 3 of 1989, Section 38, for " income determined on the basis of the earlier assessment aforesaid" (w.e.f. 1.4.1989).].[* * * [ Explanation omitted by Act 3 of 1989, Section 38 (w.e.f. 1.4.1989).]]
