Penalty for failure to issue a bill or cash memo.

(1) A proprietor, who fails to issue a bill or cash memo for any transaction as required under sub-section (2) of section 25, shall be liable to pay a penalty of double the amount of tax relating to such transaction or rupees five thousand, whichever is higher. (2) A proprietor, who issues a false bill or cash memo or uses a bill or cash memo knowing it to be false, shall be liable to pay a penalty, equal to double the amount of tax due on the amount, shown in such false bill or cash memo.