13 September 2013
18 % interest and up to 150% penalty
If a dealer fails without sufficient cause to comply with the requirements of the provisions of sub-section (4), the Commissioner or any person appointed to assist him under sub-section (1) of section 3 may, after giving such dealer a reasonable opportunity of being heard, direct him to pay by way of penalty, a sum which shall not be less than ten percentum, but which shall not exceed one-and-a-half times of the amount of tax to which he is assessed or is liable to be assessed under section 21 in addition to the amount of tax to which he is assessed or is liable to be assessed.
CAclubindia
