Information to be furnished for awarding a works contract

Any person entering into any contract or letter of intent with any contractor for transfer of property in goods (whether as goods, or in some other form) involved in the execution of works contract shall furnish within fifteen days from the date of signing of the contract or letter of intent such information as may be prescribed to the assessing authority under whose jurisdiction the contractor's place of business is situated. Failure to do so, shall entail a penalty not exceeding Rs. 500 per day of default after affording such persona reasonable opportunity of being heard.