Amendment status not verified — confirm the current text below against the official source.
Penalty on Unauthorised Collection of Tax.— Where a person collects tax in contravention of the provisions of this Act, the Assessing Authority may, after giving such person reasonable opportunity of being heard, by order in writing, impose upon him by way of penalty a sum not exceeding one and half times such tax collected. --38-- 95[58. Penalty in relation to non-maintenance of records and unauthorised stock.— (1) A person who fails to maintain proper records in a tax period in accordance with the provisions of this Act or notification issued by the Commissioner in this regard, or who is for the time being in possession of the stock of value exceeding rupees 20,000/- in excess of the stock disclosed by him in his records shall be liable to pay by way of penalty, an amount not exceeding twice the amount of net tax payable by the person for the unaccounted stock, or two thousand rupees, whichever is higher for the first offence, and an amount not exceeding thrice the amount of net tax payable by the person for the unaccounted stock or four thousand rupees, whichever is higher, for every subsequent offences. (2) Notwithstanding anything contained in sub-section (1), the dealer shall have an option to get the offence compounded, on the spot, before the officer, upon payment of fifty per cent of penalty payable under sub-section (1). (3) Where an offence has been compounded under sub-section (2), no further penal proceedings under sub- -section (1) shall be taken against the dealer in respect of such offence. (4) A dealer who commits the offence under sub-section (1) for more than five occasions in a year shall be liable for cancellation of his registration. Explanation:— ‘Officer’, for the purposes of this section, means the Commissioner appointed under this Act or any other officer not below the rank of Assistant Commercial Tax Officer specifically authorised by the Commissioner for this purpose.] 96[58A. Penalty for non-issuance of tax invoice, sale bill or cash memorandum.— (1) Any officer who during the course of any inspection or search of any business place, building, godown or any other place, or while checking of goods under transport or verification of the bills at any place, finds that the dealer has not issued a sale bill or a tax invoice or cash memorandum in respect of any sale, in violation of section 11, he shall, without prejudice to any other provisions of the Act, be liable to pay by way of penalty, an amount not exceeding twice the amount of tax evaded or sought to be evaded or one thousand rupees whichever is higher, for the first offence and an amount not exceeding thrice the amount of net tax payable by the person or two thousand rupees whichever is higher for every subsequent offences. (2) A dealer who commits the offence under sub-section (1) for more than ten occasions in a year shall be liable for cancellation of his registration. Explanation:— ‘Officer’, for the purpose of this section, means the Commissioner appointed under this Act or any other officer not below the rank of Assistant Commercial Tax Officer specifically authorised by the Commissioner for this purpose.]