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1). |
Where any proprietor liable to pay tax under this Act :- |
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(a) fails without sufficient cause or neglects to furnish a return as required by 1(subsections (1) or (1 A) of Section 6 as the case may be;) or |
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(b) while furnishing a return under 1(sub-sections (1) or (1 A) of Section 6 as the case may be) fails, without sufficient cause or neglects, to pay the whole amount of tax due from him according to such return as required by sub-section (3) of Section 6; or |
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1. In clauses (a) and(b) the bracketed words were subs for the expression "Sub-section (1) of section 6" by Act No.28 of 1996 w.e.f. 1.8.96 |
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(c) fails, without sufficient cause, to comply with the terms of notice issued to him under Clause (a) of sub-section (2) of Section 7; or |
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(d) conceals the particulars of any transaction or deliberately furnishes inaccurate particulars of any transaction liable to tax; |
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The assessing authority may impose upon such proprietor by way of penalty, in addition to any tax assessed under Sections 7 or 8, a sum not exceeding three times the amount of tax due where the failure or concealment is wilful and a sum not exceeding the amount of tax due, where the failure or concealment is not wilful. |
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2). |
The amount of penalty, if any, levied under sub-section (1) shall be paid by the proprietor in such manner as may be prescribed within such time as may be specified by the assessing authority, in the notice issued by it for this purpose, not exceeding thirty days from the date of service of the notice. |