Penalty payable when tax in default.

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....a) such amount as the Assessing Officer may direct; and (b) in the case of a continuing default, such further amount or amounts as the Assessing Officer may, from time to time, direct. (2) The total amount of penalty under sub-section (1) shall not exceed the amount of tax in arrears. (3) No penalty under sub-section (1) shall be levied- (a) unless the assessee has been given a reasonable op....