Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsPenalty for underpayment of turnover tax
| 21. Where in an assessment made in respect of any person, the amount of turnover tax exceeds the amount already paid by him as the amount due from him in respect of the turnover specified in his return and the assessment is final and conclusive under section 20 the Commissioner General may, unless hat person proved to the satisfaction of the Commissioner-General that there is no fraud or willful neglect involved in the disclosure of the turnover 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 um equal to twice the tax on the difference between the turnover on which the assessment was made and the turnover specified in his return. |