Penalty for failure to deduct or pay equalisation levy.

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....ls to pay the whole or any part of the equalisation levy as required under section 166A; or] (b) having deducted the ^3[equalisation levy referred to in sub-section (1) of section 165], fails to pay such levy to the credit of the Central Government in accordance with the provisions of sub-section (2) of that section, shall be liable to pay,- (i) in the case referred to in clau....

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....day during which the failure continues, so, however, that the penalty under this clause shall not exceed the amount of equalisation levy that he failed to pay.     ******************* NOTES:- 1.  Substituted vide Section 153 of The Finance Act, 2020 dated 27-03-2020 before it was read as "assessee" 2.  Inserted vide Section 153 of The Finance A....