43. Substituted by the IT (Tenth Amdt.) Rules, 1989, w.e.f. 13-9-1989. Prior to its substitution, rule 119A, as inserted by the IT (Sixth Amdt.) Rules, 1974, w.e.f. 1-1-1975, read as under :

“119A. In calculating the interest payable by the assessee or the interest payable by the Central Government to the assessee under any provision of the Act,—

(a) the period for which such interest is to be calculated shall be rounded off to a whole month or months and for this purpose any fraction of a month shall be ignored; and the period so rounded off shall be deemed to be the period in respect of which the interest is to be calculated;

(b) the amount of tax, penalty or other sum in respect of which such interest is to be calculated shall be rounded off to the nearest multiple of one hundred rupees and for this purpose any fraction of one hundred rupees shall be ignored; and the amount so rounded off shall be deemed to be the amount in respect of which the interest is to be calculated.”