70. Levy of interest for failure to pay advance tax.-

70. Levy of interest for failure to pay advance tax.- 

Where, in respect of an assessee  who  is  required  to  pay  advance  tax,  it  is  found  in  the  course  of regular assessment that advance tax has not been paid in accordance with the provisions  of  this  Chapter,  there  shall  be  added,  without  prejudice  to  the consequences of the assessee being in default under section 69, to the tax as determined on the basis of such assessment, simple interest thereon calculated at the rate and for the period specified in section 73.


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