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Penalty for failure to deduct or pay equalisation levy.

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..... to pay the whole or any part of the equalisation levy as required under section 166A; or ] (b) having deducted the 3 [ equalisation levy referred to in sub-section (1) of section 165 ] , fails to pay such levy 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), .....

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..... ch the failure continues, so, however, that the penalty under this clause shall not exceed the amount of equalisation levy that he failed to pay. ************ NOTES:- 1. Substituted vide Finance Act, 2020 dated 27-03-2020 before it was read as assessee 2. Inserted vide Finance Act, 2020 dated 27-03-2020 3. Substituted vide Finance Act, 2020 dated 27-03-2020 bef .....

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