Penalty for failure to deduct or pay equalisation levy

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..... tral Government in accordance with the provisions of sub-section (2) of that section, shall be liable to pay,- (i) in the case referred to in clause (a), in addition to paying the levy in accordance with the provisions of sub-section (3) of that section, or interest, if any, in accordance with the provisions of section 167, a penalty equal to the amount of equalisation levy that he failed to deduc .....

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