The consequences on concluding the provisional assessment by way of passing final assessment order would be as follows:
(a) Additional tax liability: In case of short remittance of taxes in terms of final
assessment order, the additional tax liability, if any should be remitted along with interest at the rate prescribed under Section 50(1) for delay in remittance of taxes viz., from the first day after the due date of remittance of taxes as prescribed under Section 39(7) till the date of actual payment;
(b) Excess remittance of tax on provisional basis: In case of excess remittance of taxes in terms of final assessment order, the registered person is entitled to refund of such excess remittance in the manner as provided in Section 54(8) along with interest as provided under Section 56.
(ICAI FAQ PUBLICATIONS 06-09-2017 PROVISIONAL ASSESSMENT: FAQ NO. 5)