Section 60 - Amendment of section 15B - Taxation Laws (Amendment) Act, 1970

60. Amendment of section 15B. In section 15B of the Wealth-tax Act, in sub-section (3), for the words so, however, that the amount of penalty does not exceed fifty per cent. of the amount of such tax or part, as the case may be: the following shall be substituted, namely:- and in the case of a continuing failure, such further amount or amounts as the Wealth-tax Officer may from time to time direct, so, however, that the total amount of penalty does not exceed fifty per cent. of the amount of such tax or part, as the case may be: .