|
107. Penalty for failure to furnish return. |
|
|
—Where an assessee fails to furnish the return within the time-limits prescribed under sub-section (1) or sub-section (2) of section 102, it shall be liable to pay, by way of penalty, a sum of one hundred rupees for each day during which the failure continues.
Clauses 101 to 114 provide for collection and recovery of commodities transaction tax, furnishing of returns, assessment procedure, power of Assessing Officer, rectification of mistake, chargeability of interest, levy of penalty, institution of prosecution and filing of appeals. Further, it also provides that various procedural provisions in the Income-tax Act will, so far as may be, apply in relation to commodities transaction tax.
|
|
|
Case Look ups