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52.
Penalty
for assessment issued for failure to file a return.
(1)
Where an assessment is made under the provisions of sub-section (1) of Section
21 for the failure to file a return, a penalty of fifty percent of the assessed
amount shall be imposed.
(2)
Where an assessment has been made under sub-section (1) of Section 21, and the
dealer subsequently furnishes a return for the period to which the assessment
relates, the authority prescribed may withdraw the assessment but the dealer
shall be liable to pay penalty under sub-section (3) of Section 50 and interest
as applicable.
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