(1)When an assessee is in default or is deemed to be in default in making a payment of tax, he shall, in addition to the amount of the arrears and the amount of interest payable under section 411(3), be liable, by way of penalty, to pay—(a)such amount as the Assessing Officer may direct; and(b)in the case of a continuing default, such further amount or amounts as the Assessing Officer may, from time to time, direct.
