Section 54A: Penalty for failure to comply with notices or furnish information.

(1) Any person who fails to, —

(i) comply with summons issued under sub-section (1) of section 19; or (ii) furnish information as required under section 21, shall be liable to pay penalty of twenty-five thousand rupees for each such failure.

(2) The penalty under sub-section (1) shall be imposed by the authority who had issued the summons or called for the information.

(3) No order under sub-section (2) shall be passed by the authority unless the person on whom the penalty is to be imposed has been given an opportunity of being heard:

Provided that no penalty shall be imposed if, such person proves that there were good and sufficient reasons which prevented him from complying with the summons or furnishing information.