Part of: Section 220 — When tax payable and when assessee deemed in default
(2) If the amount specified in any notice of demand under section 156 is not paid within the period limited under sub -section ( 1), the assessee shall be liable to pay simple interest at 7[8[one per cent.] for every month or part of a month comprise d 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]: