(4)When a person liable for payment of any tax under this Act is deemed to be in default under sub-section (3), such sum, not exceeding fifteen per cent of the amount of tax, as may be determined by [the Board of Councilors,] [Substituted by the West Bengal Act 13 of 1995, w.e.f. 5.9.1955 for 'specified by the Board of Councilors by regulations'.] may be recovered from him by way of penalty, in addition to the amount of the tax and the fee payable under sub-section (2).
