Section 234A :Interest for defaults in furnishing return of income.

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Interest for defaults in furnishing return of income.

234A. (1) Where the return of income for any assessment year under sub- section (1) or sub-section (4) of section 139, or in response to a notice under sub-section (1) of section 142, is furnished after the due date, or is not furnished, the assessee shall88 be liable to pay simple interest at the rate of 89[one] per cent for every month or part of a month comprised in the period commencing on the date immediately following the due date, and,—

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