Interest on unpaid wealth-tax accrues after the statutory payment period; recovery and penalties may follow under tax recovery rules. Amendments require payment of additional wealth-tax disclosed in a settlement application within a short specified period after receipt of the Commission's order, subject to extension or instalments with adequate security on application; failure to pay attracts simple interest at fifteen per cent. per annum from the expiry of that period and permits recovery and penalty under Chapter VII by the jurisdictional Wealth-tax Officer. The amendments also remove interest from one enumerated phrase, create a corresponding interest clause for certain tax orders, and exclude section 17A from applying to such settlement orders and resultant assessments.
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Provisions expressly mentioned in the judgment/order text.
Interest on unpaid wealth-tax accrues after the statutory payment period; recovery and penalties may follow under tax recovery rules.
Amendments require payment of additional wealth-tax disclosed in a settlement application within a short specified period after receipt of the Commission's order, subject to extension or instalments with adequate security on application; failure to pay attracts simple interest at fifteen per cent. per annum from the expiry of that period and permits recovery and penalty under Chapter VII by the jurisdictional Wealth-tax Officer. The amendments also remove interest from one enumerated phrase, create a corresponding interest clause for certain tax orders, and exclude section 17A from applying to such settlement orders and resultant assessments.
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