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The Finance Act, 1973

( ACT NO. XI OF 1973 )

21. If a person, on whom a tax is levied or who is responsible for the collection and payment of any tax or toll under this Act, fails to pay the tax or toll or, fails to collect and pay the tax or the toll as provided in this Act and the rules made thereunder he shall be liable to a penalty not exceeding the amount of the tax or toll payable.

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