¹[54A.  Penalty for failure to comply with notices or furnish information.— (1)  Any person who fails to, —

   (i)  comply with summons issued under sub-section (1) of section 19; or

   (ii)  furnish information as required under section 21, shall be liable to pay penalty of twenty-five thousand rupees for each such failure.

   (2)  The penalty under sub-section (1) shall be imposed by the authority who had issued the summons or called for the information.

   (3)  No order under sub-section (2) shall be passed by the authority unless the person on whom the penalty is to be imposed has been given an opportunity of being heard:

   Provided that no penalty shall be imposed if, such person proves that there were good and sufficient reasons which prevented him from complying with the summons or furnishing information.