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2015 (7) TMI 1027 - KARNATAKA HIGH COURTCalculation of interest under s. 220(2) - starting point or the commencement of the period from which the interest has to be calculated under sub-s. (2) of s. 220 - quantification of the interest payable on the amounts demanded in the notice issued under s. 156 - Held that:- The outstanding dues, have to be paid within a period of thirty days from date of service of notice, failing which to pay simple interest at one end one-fourth per cent for every month or part of a month from the date commencing after end of the period specified in accordance with law. Sec. 220 states that the period specified in sub-s. (1) of s. 220 of the Act is, thirty days from the date of service of notice, within which outstanding dues have to be paid. If that amount is not paid, then the assessee shall be liable to pay simple interest as stipulated under sub-s. (2) of s. 220 of the Act.
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