The prescribed authority may accept from any person, who has committed or is reasonably suspected of having committed an offence under this Act, by way of composition of such offence,- where the offence consists of failure to pay, or the evasion of, any tax recoverable under this Act, in addition to the tax so recoverable a sum of money not exceeding two thousand rupees or double the amount of the tax recoverable, whichever is greater; and in other cases, a sum of money not exceeding two thousand rupees. Any order passed or proceeding recorded by the prescribed authority under sub- section (1), shall be final and no appeal or application for revision shall lie there from.