Amendment status not verified — confirm the current text below against the official source.
Revision - (1) The Commissioner may, suo-morro or on an application made to hirn, call for and examine the record of the proceeding of any order made by the prescribed authority. or as the case may be, the appellate authority for the purpose of {b) be liable to pay such interest as may be prescribed on the amount of tax due for each month of pan thereof' for the period for which the tax remains unpaid. (2) If an enrolled person fails to pay rhe tax as required by or under this Act. h~ shall be liable to pay interest at the rate and in the manner laid down in sub-section (I) 12 Penalty for uon-payment of tax - If an assessee fails, without reasonable cause to make payment of any amount of tax within the time specified in the notice of demand. the prescribed authority may, after giving him a reasonable opportunity of making his representation, impose upon him a penalty which shall not be less than fifteen percent but no! exceeding twenty five percent of the amount of tax due. This penalty shall be in addition to the interest Payable under sub-section ( J) or sub-section (2) of section 1 l. 27 $lj,1,:sjv,s TG3le (~). ~Ef'cffi 1 4H<I~. 2012