A penalty shall not he assessed on any additional tax assessment made by the Director of the Department of Taxation when a return has been filed in good faith and the tax paid thereon within the time prescribed by the Director; provided, that in the absence of fraud, neither penalty nor interest shall be assessed on any additional tax assessment resulting from a Federal audit, providing an amended return is filed and the additional tax is paid within three months after a final determination of the Federal tax liability.
(Ord. 4708-1974. Passed 12-3-74; Ord. 7905-1993. Passed 1-4-94.)