44. Insertion of new section 129A in the principal enactment

The following new section is hereby inserted immediately after section 129 of the principal enactment and shall have effect as section 129A of that enactment :—

129A. Where any income tax payable by a bank or a financial institution under the provisions of this Chapter is in default for any year of assessment commencing on or after

April 1, 2004, such bank or financial institution shall pay in addition to such tax a penalty and interest in the manner provided in subsection (3A) of section 144, notwithstanding the provisions of section 129.”.