Penalty for failure to furnish statement under section 285: officer may impose escalating daily or fixed penalty for non-compliance. The Assessing Officer may direct payment of a penalty where a person required to furnish a statement under section 285 fails to do so within the ... Summary
Penalty for failure to furnish statement under section 285: officer may impose escalating daily or fixed penalty for non-compliance.
The Assessing Officer may direct payment of a penalty where a person required to furnish a statement under section 285 fails to do so within the prescribed period, prescribing a daily penalty of one thousand rupees for each day of default where the failure does not exceed three months, and a lump-sum penalty of one lakh rupees in any other case.
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