89.  Charge of additional tax for failure to pay tax or penalty.-

Where any assessee fails to pay the whole or any part of the tax levied under Chapter VII or, the whole or any part of any penalty levied under Chapter XI, or has been allowed stay of payment or payment in instalments of the tax under sub-section (2) of section 85, he shall be liable to pay additional tax at the rate of twenty-four per cent per annum on the amount of such tax or penalty or any part thereof, as the case may be, which has not been paid; and such additional tax shall be calculated from the date on which such tax or penalty or part thereof, as the case may be, was originally payable to the date on which it is paid or, in respect of each instalment, the date on which it is paid.