Clause 116 - Penalty for failure to comply with notice - Finance Bill, 2013

Penalty for failure to comply with notice 116. If the Assessing Officer in the course of any proceedings under this Chapter is satisfied that the assessee has failed to comply with a notice under sub-section ( 1 ) of section 111, he may direct that such assessee shall pay, by way of penalty, in addition to any commodities transaction tax and interest, if any, payable by him, a sum of ten thousand rupees for each such failure.