52. Penalty for assessment issued for failure to file a return.

 (1) Where an assessment is made under the provisions of sub-section (1) of Section 21 for the failure to file a return, a penalty of fifty percent of the assessed amount shall be imposed.

(2) Where an assessment has been made under sub-section (1) of Section 21, and the dealer subsequently furnishes a return for the period to which the assessment relates, the authority prescribed may withdraw the assessment but the dealer shall be liable to pay penalty under sub-section (3) of Section 50 and interest as applicable.