Other offences.

40. (1) Whosoever contravenes, or fails to comply with, any of the provisions of this Act or the rules made thereunder or any order or direction made or given thereunder, shall, if no other penalty or levy of interest is provided under this Act for such contravention or failure, be liable to imposition of a penalty of an amount which is not more than two thousand rupees and not less than one thousand rupees and where such contravention or failure continues after an order or direction to comply with the law has been issued to the offender, he shall be further liable to a daily penalty of one hundred rupees till the contravention or failure continues.

(2) A taxing authority may, after affording to the person concerned a reasonable opportunity of being heard, impose the penalty mentioned in sub-section (1).