27.
| (1) Where any tax is in default, the defaulter shall, in addition to such tax in default pay as penalty-
| | (a) a sum equivalent to ten per centum of the amount in default; and | | |
| | (b) where the amount in default is not paid before the fifteenth day of the month succeeding the month in which such tax has begun to be in default, a further sum, equivalent to two per centum of the amount in default in respect of each period ending on the fifteenth day of each succeeding month or part of such period during which it is in default: | | |
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| (2) Where upon the final determination of an appeal under Chapter VI, any tax in default to which any sum or sums under subsection (1) has or have been added, is reduced, then such sum or sums shall be calculated on the tax so reduced. |
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Sri Lanka Consolidated Acts