58. Penalty for failure to furnish return.-

Where the assessing authority or any other officer not below the rank of Assistant Commercial Taxes Officer as authorised by the Commissioner is satisfied that any dealer has, without reasonable cause, failed to furnish prescribed returns within the time allowed, he may direct that such dealer shall pay by way of penalty-

(i) in case the dealer is required to pay tax every month under section 20, a sum equal to rupees ten per day for the period during which the default in furnishing such return continues, but not exceeding in the aggregate twenty percent of the tax so assessed; and

(ii) in all other cases, a sum equal to rupees five per day subject to a maximum limit of rupees five hundred, for the period during which the default in furnishing of such return continues.