Section 448Chapter 21

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 393section 393(3); or

(ii)

Note 6 to section 393section 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.