Fee for default relating to statement or certificate

Without prejudice to the provisions of this Act, where,— (a) the research association, University, college or other institution referred to in section 45(3)(a) or the company referred to in section 45(3)(b) fails to deliver or cause to be delivered the documents as prescribed in section 45(4)(a) within the time as prescribed therein or furnish a certificate as prescribed under section 45(4)(a); or (b) the institution or fund fails to deliver or cause to be delivered a statement within the time as prescribed under section 354(1)(e), or furnish a certificate as prescribed under section 354(1)(f), it shall be liable to pay, by way of fee, a sum of two hundred rupees for every day during which the failure continues.

The amount of fee referred to in sub-section (1) shall,— (a) not exceed the amount in respect of which the failure referred to therein has occurred;