Penalty for failure to deduct tax at source.

2[3[(1)] If any person fails to—

1. (a) deduct the whole or any part of the tax as required by or under the provisions of Chapter XVII-B; or
2. (b) pay the whole or any part of the tax as required by or under(i) sub-section (2) of section 115-O; or (ii) the second proviso to section 194B, then, such person shall be liable to pay, by way of penalty, a sum equal to the amount of tax which such person failed to deduct or pay as aforesaid.] 4[(2) Any penalty imposable under sub-section (1) shall be imposed by the 5[Joint Commissioner].]