Power to make rules

Disclosure of information required under section 70 and failure to furnish information or return under that section.—(1) If any dealer or person fails to furnish the information or return as required by or under the provisions of section 70, the Commissioner may, after giving the dealer or person a reasonable opportunity of being heard, by an order, impose upon him— (a) by way of penalty, a sum not exceeding two thousand rupees; and (b) by way of daily penalty, a further sum not exceeding one hundred rupees for each day of the period during which the failure continues: Provided that, the total amount of penalty shall not exceed the amount of tax, if any, which would have been avoided if the information or return had been furnished.