Amendment status not verified — confirm the current text below against the official source.
(1) Where the Commissioner has reason to believeihat a liabilityto pay a penalty Assessment of under section 86 has arisen, the Commissioner, after recording the reason in writing, shall penalty. serve on the person concerned a notice of assessment of the'penalty which has become due under this Regulation. (2) The amount of any penalty assessed under this section shall become due on the date on which the notice of assessment has been served by tlte Commissioner. SERIES - I No. : 05 DATED isTH AUGUST, 2005. Limitalion on