70[Penalty for failure to collect tax at source.
271CA. (1) If any person
fails to collect the whole or any part of the tax as required by or under the
provisions of Chapter XVII-BB, 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
collect as aforesaid.
(2) Any penalty imposable
under sub-section (1) shall be imposed by the Joint Commissioner.]