(3)If the amount specified in any notice of demand under section 289 is not paid within the period limited under sub-section (1),––(a)the assessee shall be liable to pay simple interest at 1% for every month or part of a month comprised in the period; and(b)such period shall commence from the day immediately following the end of the period mentioned in sub-section (1) and end with the day on which the amount is paid.
