Report No. 12
225. Interest where no estimate made.-
(1) Where, on making the regular assessment, the Income-tax Officer finds that no payment of advance tax has been made in accordance with the provisions of sections 215 to 220 [sections 18A(1), 18A(2), 18 A(3)], interest calculated in the manner laid down in section 223(1) and 223(2) [section 18A(6), main para, and 1st Proviso and 2nd proviso] shall be added to the tax as determined on the basis of the regular assessment.
(2) The provisions of section 223(3) [section 18A(6), 3rd Provi and of section 223(4) [section 18A(6), 5th Provi shall apply to interest payable under this section as they apply to interest payable under section 223 [section 18A(6)].