Interest payable on demand raised.
213. (1) Any amount, otherwise than by way of advance tax, specified as payable in a notice of demand under section 162 shall be paid within a period of thirty days of the service of the notice.
(2) The period mentioned in sub-section (1) may be reduced with the prior approval of the Joint Commissioner, if the Assessing Officer has any reason to believe that it will be detrimental to revenue if the period of thirty days is allowed.
(3) If the amount specified in any notice of demand under section 162 is not paid within the period specified therein, then the assessee shall be liable to pay simple interest at the rate of one per cent. per month for the period commencing from the day immediately following the end of the period specified in such notice and ending with the day on which the amount is paid.
(4) The interest payable under this section shall be increased or reduced, in accordance with the variation in the amount on which interest was payable under this section, on account of any rectification, revision or appellate order under this Code.
