Amendment status not verified — confirm the current text below against the official source.
(1) Where an assessment is made under the provisions of sub-section (1) of section 21 for the failure to file a return, a penalty of fifty percent of the assessed amount shall be imposed. (2) Where an assessment has been made under sub- section (1) of section 21, and the dealer subsequently furnishes a return for the period to which the assessment relates, the authority prescribed may withdraw the assessment but the dealer shall be liable to pay penalty under sub-section (3) of section 50 and interest as applicable. Penalty for failure to pay tax when due. Penalty for assessment issued for failure to file a return. [Act No.5 of 2005] 83