(1) If any person fails to—
(a) deduct the whole or in part, the tax as required under Chapter XIX-B; or
(b) pay or ensure the payment of, the whole or any part of the tax as required by or under—
(i) Note 3 in Table in section 393(3); or
(ii) Note 6 to section 393(1) (Table: Sl. No. 8),
then, the Assessing Officer may impose on him, a penalty equal to the tax which such person failed to deduct or pay or ensure payment of, as aforesaid.
Section 448 corresponding Section in old Income Tax Act, 1961
