Penalty for failure to comply with section 397: monetary sanction for non quotation or knowing false quotation of TAN. Clause 468 authorises the Assessing Officer to impose a monetary penalty where a person fails to comply with section 397(1), and separately where a person ... Summary
Penalty for failure to comply with section 397: monetary sanction for non quotation or knowing false quotation of TAN.
Clause 468 authorises the Assessing Officer to impose a monetary penalty where a person fails to comply with section 397(1), and separately where a person required to quote the Tax Deduction and Collection Account Number in prescribed documents knowingly quotes a false number; both failures are actionable by imposition of the stated penalty.
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