67.
| (1) Where in an assessment made in respect of any person the amount of his capital exceeds that specified as his capital in his return and the assessment is final and conclusive under section 31, the Commissioner may, unless that person proves to the satisfaction of the Commissioner that there is no fraud or wilful neglect involved in the disclosure of capital made by that person in his return, in writing order that person to pay as a penalty for making an incorrect return a sum not exceeding two thousand rupees and a sum equal to twice the capital levy on the amount of the excess. |
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| (2) Any person aggrieved by an order under subsection (1) may appeal from that order to the Board. The appeal shall be made in writing within twenty-one days after the date of that order and shall state the grounds of objection to the order. |
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| (3) The Board may confirm, reduce, increase or annul the penalty imposed by the order of the Commissioner from which the appeal is made but any increase of such penalty shall not be in excess of the maximum amount which the Commissioner may impose under sub-section (1) as such penalty. |
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| (4) Where a penalty has been imposed on a person under sub-section (1) for making any false statement or entry in his return of capital, such person shall not be liable to a prosecution under this Act in respect of that false statement or entry. |
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Sri Lanka Consolidated Acts