State Act

CHHATTISGARH COMMERCIAL TAX ACT 1994

This Act was repealed on a date we do not have by the Madhya Pradesh Vat Act, 2002 (No. 20 of 2002), s.72, as printed in the Madhya Pradesh copy of that Act: "The Madhya Pradesh Vanijyik Kar Adhiniyam 1994 (No.5 of 1995) shall stand repealed on the date of coming into force of this Act"; it may still apply to matters that began before then.

Sec. 57 : Furnishing of information by bank and clearing and forwarding agents (1) Every bank including, any branch of a bank and every clearing or forwarding agent shall, if so required by the Commissioner, furnish such particulars including statement of accounts and affairs verified in the manner, specified by the Commissioner as he may require in respect of transaction of any dealer with such bank or with such clearing or forwarding agent which during the course of its business handles documents of title to goods or transports goods. (2) If any clearing or forwarding agent contravenes the provisions of sub-section (1), the Commissioner may, after giving such agent a reasonable opportunity of being heard, direct him to pay, by way of penalty, a sum equal to three times the amount of tax payable in respect of the goods involved in the transactions referred to in sub-section (1) and which appear to have been evaded by the owner of such goods due to the failure of such agent to furnish information pertaining thereto required of him by the Commissioner under sub-section (1).