124. Penalty for failure to collect or pay commodities transaction tax.
- Any assessee who-(a)fails to collect the whole or any part of the commodities transaction tax as required under section 119; or(b)having collected the commodities transaction tax, fails to pay such tax to the credit of the Central 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 tax in accordance with the provisions of sub-section (5) of that section, or interest, if any, in accordance with the provisions of section 123, by way of penalty, a sum equal to the amount of commodities transaction tax that he failed to collect; and(ii)in die case referred to in clause (b), in addition to paying the tax in accordance with the provisions of sub-section (2) of that section and interest in accordance with the provisions of section 123, by way of penalty, a sum of one thousand rupees for every day during which the failure continues; so, however, that the penalty under this clause shall not exceed the amount of commodities transaction tax that he tailed to pay.
