74. Penalty for not issuing sale bill/cash memo

If a dealer is found to have made a transaction of sale without simultaneously issuing the sale bill/cash memo as required by rule 22 he shall on the order passed by the Assessing Authority pay a fine equal to five times of the tax payable on such transaction or Rs. 5,000/- whichever is less.

Provided that before making such order the Assessing Authority shall give the dealer an opportunity of being heard requiring him to show cause as to why the fine be not imposed.