The assessing authority or other officer or authority authorized by the Government in this behalf may accept from any person who has committed or is reasonably suspected of having committed an offence against this Act, by way of composition of such offence,

(a) Where the offence consists of the evasion of any tax payable under this Act, in addition to the tax so payable, a sum of money equal to the amount of tax so payable subject to a minimum of rupees one hundred and maximum of rupees eight lakhs and

(b) in other cases a sum of money not exceeding ten thousand rupees;

Provided that the Board of Revenue may by order authorize any Officer to compound the offence under this section on payment of a reduced amount.