180. Negligent or fraudulent underpayment

Where tax is underpaid, as a result of an incorrect statement or a material omission in a taxpayer’s tax return, and that statement or omission is a result of intentional conduct or negligence on the part of the taxpayer, the taxpayer shall be liable to a penalty in the amount of—

twenty five per cent of the underpayment if paragraph (b) does not apply; or

seventy five per cent of the underpayment if the amount of the underpayment is —