Penalty for failure to deduct tax at source

(1)

If any person fails to— (a) deduct the whole or in part, the tax as required under Chapter XIX-B; or (b) pay or ensure the payment of, the whole or any part of the tax as required by or under—

(i)

Note 3 in Table in section 393(3); or

(ii)

Note 6 to section 393(1) (Table: Sl. No. 8), then, the Assessing Officer may impose on him, a penalty equal to the tax which such person failed to deduct or pay or ensure payment of, as aforesaid.