In case the person does not deposit tax collected in contravention of Section 76, is the same recoverable with interest

Yes. In addition to the amount payable by him, the person is required to pay interest under Section 50 on the same from the date of collection of the amount till the date such amount is paid to the Government.

(ICAI FAQ PUBLICATIONS 06-09-2017 Tax collected but not paid to Government : FAQ NO. 33)