Amendment of section 139

Section 8 of the Finance Act, 1963 deals with amendment of section 139. Amendment of section 139 8. 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; The Act was enacted on 28 Apr 1963.

Amendment of section 139

8. 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, and shall be deemed always to have been, inserted, namely: —

"(1A) Where as 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 subsection (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."

[Finance Act, 1963]

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Section 8, The Finance Act, 1963 (Act 13 of 1963).