Insertion of new section 62A.- Penalty for failure to comply with provisions of section 9A-

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..... A. (1) Any person who,- (a) being required under sub-section (1) of section 9A to collect duty, fails to collect the same; or (b) being required under sub-section (4) of section 9A to transfer the duty to the State Government within fifteen days of the expiry of the time specified therein, fails to transfer within such time, shall be punishable with fine which shall not be less than one lakh rupee .....

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