Regarding levy of penalty for non payment of taxes.

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..... of in accordance with the 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 .....

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..... t the assessee shall be liable to pay a penalty in all cases. In this connection the instructions contained in Board's Circular No.20(LXXVI)D of 1964 dated 7th July, 1967 may kindly be referred to. An extract of the Assurance given by the Finance Minister in the Parliament at the time of consideration of provisions of Section 140-A(3) of the Income Tax Act, 1961 introduced by Finance Bill, 1964 is .....

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