Penalty payable when tax in default

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.... 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 a reasonable opportunity of be....

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.... (Amendment) Act, 1970 w.e.f. 01-04-1971 before it was read as, "(1) When an assessee is in default of is deemed to be in default in making a payment of tax, he shall, in addition to the amount of the arrears and the amount of interest payable under sub-section (2) of section 220, be liable to pay by way of penalty, an amount which, in the case of a continuing default, may be increased....