Section 4   [ View Judgements ]


If the sum required to be paid under sub-section (1) of Section 3-is not paid on or before the 15th day of March, 1972, the company shall be deemed to be an assessee in default and—

(a) the company shall be liable to pay simple interest at nine per cent, per annum from the 16th day of March, 1972;

(b) all the provisions of Sections 221to227,Section 229,Section 231andSection 232 of the Income tax Act and the Second and Third Schedules to that Act and any rules made thereunder shall, so far as may be, apply as if the said provisions were the provisions of this Act and referred to surcharge on income-tax and sums imposed by way of penalty and interest under this Act instead of to income-tax and- sums imposed by way of penalty and interest under that Act and as if references to sub-section (2) of Section 220were references to clause (a) of this section.

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