Penalty payable when tax in default

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..... e liable, by way of penalty, to pay such amount as the 2 [Assessing] Officer may direct, and in the case of a continuing default, such further amount or amounts as the 3 [Assessing] Officer may, from time to time, direct, so, however, that the total amount of penalty does not exceed the amount of tax in arrears : Provided that before levying any such penalty, the assessee shall be given .....

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..... Notes :- 1. Substituted by the Taxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1971. 2. Substituted for Income-tax by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 3. Substituted for Income-tax by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 4. Substituted by the Taxation Laws (Amendment Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986. .....

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