Penalty for failure to furnish prescribed tax statements: assessing officer may impose monetary sanction unless taxes and statement are regularized.

A provision authorizes the Assessing Officer to impose a monetary penalty between ten thousand and one lakh rupees where a person fails to deliver, or furnishes incorrect information in, the statement required under section 397(3)(b). No penalty is to be levied if the person proves that the tax deducted or collected with any fee and interest was paid to the Central Government and the statement was delivered within one month from the prescribed time.

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