(2)[ Where any intermediary or other person, referred to in sub-section (1), is so required by a written order of the Collector fails without sufficient cause, to produce such documents or to furnish such information at such time and place as may be specified in the order, such intermediary or other person, as the case may be, shall be liable to a penalty which may extend to fifty rupees for every day after the expiration of such time until such documents have been produced or such information has been furnished and such penalty shall be realised as a public demand:Provided that where the sum of such penalty exceeds five hundred rupees, the Collector shall refer the matter to the Commissioner whose orders thereon shall be final:Provided further that the Commissioner may at any time, of his own motion or on the application of any intermediary, revise, any order of the Collector imposing any penalty and the order of the Commissioner on revision shall be final.] [Section 40 re-numbered as 40(1) by Act 20 of 1954.]
