In section 217 of the Income-tax Act, with effect from the 1st day of June, 1978, -
(a) in sub-section (1), -
(i) for the portion beginning with the words "the Income-tax Officer finds that any such person" and ending with the words "twelve per cent. per annum", the following shall be substituted, namely :-
"the Income-tax Officer finds -
(a) that any such person as is referred to in clause (a) of sub-section (1) of section 209A has not sent the statement referred to in that clause or the estimate in lieu of such statement referred to in sub-section (2) of that section; or
(b) that any such person as is referred to in clause (b) of sub-section (1) of section 209A has not sent the estimate referred to in that clause,
simple interest at the rate of twelve per cent. per annum";
(ii) for the words "the said sub-section", the words, brackets and figures "the said sub-section (1) or sub-section (2)" shall be substituted;
(b) in sub-section (1A), -
(i) after the words "the Income-tax Officer find that", the words, brackets, figures and letter "any person who is required to send an estimate under sub-section (4) of section 209A or" shall be inserted;
(ii) for the words "the said sub-section" the words, brackets, figures and letter "the said sub-section (4) or, as the case may be, sub-section (3A)" shall be substituted.