Section 8 - Amendment of Section 139 - Finance Act, 1963

8. Amendment of Section 139 In section 139 of the Income tax Act,- (1) in sub section (1), in clause (iii) (b) of the proviso, the words as finally assessed shall be, and shall be deemed always to have been, omitted; (2) after sub section (1), the following sub section shall be, shall be deemed always to have been, inserted, namely : (1A) Where a s a result of an order under section 154 or section 155 or section 250 or section 254 or section 260 or section 262 or section 264, the amount of tax on which interest was payable under clause (iii) of the proviso to sub section (1) has been reduced, the interest shall be reduced accordingly, and the excess interest paid, if any, shall be refunded. ; (3) after sub section (7), the following sub section shall be inserted, namely : (8) Notwithstanding anything contained in clause (iii) of the proviso to sub section (1), the Income tax Officer may, in such cases and under such circumstances as may be prescribed, reduce or waive the interest payable by any person under any provision of this section. .