| (a) | - | a penalty not exceeding [twenty five thousand] rupees; or |
| (b) | - | where the contravention or default is under sub-section (4A) or clause (a) or clause (aa) of sub-section (5) of section 58B, a penalty not exceeding [ten lakh] rupees or twice the amount involved in such contravention or default, where the amount is quantifiable, whichever is more; and where such contravention or default is a continuing one, further penalty which may extend to [one lakh] rupees for every day, after the first, during which the contravention or default continues. |