Rule 8 - Penalties. - Cost Audit Report Rules, 2001

Penalties. 08. (1) If default is made by the Cost Auditor in complying with the provisions of rule 4 or rule 5, he shall be punishable with fine, which may extend to five thousand rupees. (2) If the company contravens the provisions of rule 6 or rule 7, the company and every officer thereof who is in default, including the persons referred to in sub-rule (6) of section 209 of the Act, shall, subject to the provisions of section 233B of the Act, be punishable with fine which may extend to five thousand rupees and where the contravention is a continuing one, with a further fine which may extend to five hundred rupees for every day after the first day during which such contravention continues. Saving of action taken or that may be taken for contravention of Cost Audit (Report) Rules, 1996. It is hereby clarified that the supersession of the Cost Audit (Report) Rules, 1996, shall not in any way affect (i) any right, obligation or liability acquired, accrued or incurred thereunder; (ii) any penalty, forfeiture or punishment incurred in respect of any contravention committed thereunder; (iii) any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty, forfeiture or punishment as aforesaid, and; any such investigation, legal proceeding or remedy may be instituted, continued or enforced and any such penalty, forfeiture or punishment may be imposed as if those rules had not been superseded.