Penalty for failure to furnish statements enables assessing officer to impose monetary sanctions on non-compliant institutions.

The Assessing Officer may impose a monetary penalty on specified educational, research institutions and on certain institutions or funds for failing to deliver or furnish prescribed documents, statements or certificates required under the identified provisions of sections 45(4)(a) and 354(1)(e), (f) and (g); the provision defines the basis of liability as failure to deliver or cause delivery of statements or to furnish prescribed certificates within the prescribed time and identifies the Assessing Officer as the imposing authority.

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