220. When tax payable and when assessee deemed in default.
(1)Any amount, otherwise than by
way of advance tax, specified as payable in a notice of demand under section 156 shall be paid within
3[thirty days] of the service of the notice at the place and to the pe rson mentioned in the notice :
Provided that, where the 4[Assessing Officer] has any reason to believe that it will be detrimental to
revenue if the full period of 3[thirty days] aforesaid is allowed, he may, with the previous approval of the
5[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 3[thirty days] aforesaid, as may be specified by him in the
notice of demand.
6[(1A) Where any notice of dem and has been served upon an assessee and any appeal or other
proceeding, as the case may be, is filed or initiated in respect of the amount specified in the said notice of
demand, then, such demand shall be deemed to be valid till the disposal of the appea l by the last appellate
authority or disposal of the proceedings, as the case may be, and any such notice of demand shall have the
effect as specified in section 3 of the Taxation Laws (Continuation and Validation of Recovery
Proceedings) Act, 1964 (11 of 1964).]
(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]: