CHAPTER XXI
PENALTIES
Penalty for failure to deduct tax at source
448.If any person fails to—
(a) deduct the whole or any part of 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 2 below theTable 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 orpay or ensure payment of, as a foresaid.