Gift-Tax Act, 1958

⁸⁶[Recovery of tax and penalties.

32. (1) Any amount specified as payable in a notice of demand under section 31 shall be paid within ⁸⁷[thirty days] of the service of the notice at the place and to the person mentioned in the notice:

Provided that, where the ⁸⁸[Assessing Officer] has any reason to believe that it will be detrimental to revenue if the full period of ⁸⁹[thirty days] aforesaid is allowed, he may, with the previous approval of the ⁹⁰[^90a[Joint] Commissioner], direct that the sum specified in the notice of demand shall be paid within such period being a period less than the period of ^90b[thirty days] aforesaid, as may be specified by him in the notice of demand.

⁹¹(2) If the amount specified in any notice of demand under section 31 is not paid within the period limited under sub-section (1), the assessee shall be liable to pay simple interest at ⁹²[one and one-half per cent for every month or part of a month comprised in the period commencing from the day immediately following the end of the period mentioned in sub-section (1) and ending with the day on which the amount is paid]:

⁹³[Provided that where as a result of an order under section 22, or section 23, or section 24, or section 25, or section 26, or section 28, or section 34, the amount on which interest was payable under this section had been reduced, the interest shall be reduced accordingly and the excess interest paid, if any, shall be refunded:]

⁹⁴[Provided further that in respect of any period commencing on or before the 31st day of March, 1989 and ending after that date, such interest shall, in respect of so much of such period as falls after that date, be calculated at the rate of one and one-half per cent for every month or part of a month.]

(3) Without prejudice to .... To read the full section download the app from Google Play store