Regarding levy of penalty for non payment of taxes.

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....he provisions of Sub-section (1) of Section 15-B. 2. The quantum of penalty leviable u/s.15-B of the Wealth Tax Act, 1957 would be the same as laid down in Board's circular in F.No.19/21/68-IT(Inv) dated the 26th February, 1969 for purposes of penalty u/s.140A(3) of the I.T.Act, 1961. Since the two provisions are similar in scope and nature, the Board have decided that the instructions laid down ....