Amendment status not verified — confirm the current text below against the official source.
(5) Where the authority prescribed by the State Government under section 3A to make assessment has reason to believe that a licensee has failed to pay interest payable by, or due from, him under sub-section (1) or sub-section (2), by the prescribed date or that the amount of interest paid by him is not correct, such authority shall determine the amount of interest in such manner as may be prescribed; the amount of interest so determined shall be collected from the licensee in such manner as may be prescribed. Amendment of Ben. Act X of 1935. 15 The West Bengal Finance Act, 1995. [West Ben. Act (Section 3.) Interest 5B. The State Government shall, in the payable by the State prescribed manner, pay a simple interest at the rate Government. of two per centum for each English calendar month of delay in making refund to a licensee the amount of electricity duty paid in excess which arises from an order under section 7C passed on appeal by the prescribed authority on or after the coming into force of section 3 of the West Bengal Finance Act, 1995, from the first day of the English calendar month next following the expiry of three months from the date of such order up to the month preceding the month in which refund is made, upon the amount of duty refundable to him according to such order."; (2) in the Second Schedule,— (a) after exemption (13), the following exemption shall be added:— "(14) an expanded portion of an existing industrial unit established in a premises by way of expansion, save in respect of premises used for the residential purposes, for a period of five years from the date of first commercial production in the expanded portion of such unit."; (b) after Explanation (5), the following Explanation shall be added:— `Explanation (6).—For the purposes of exemption (14),— (i) the expression "existing industrial unit" shall mean an industrial unit which exists in West Bengal immediately before it starts commercial production for the first time in its expanded portion on or after the commencement of section 3 of the West Bengal Finance Act, 1995; the expression, "expanded portion" shall mean such portion of an existing industrial unit which is set up for commercial production after creation of additional capacity either in the existing premises or in any other premises in West Bengal.'. 16 The West Bengal Finance Act, 1995. III of 1995.] 74 of 1956. (Section 4.)