Penalty for failure to furnish required information may result in imposition of monetary sanction by assessing officer.

Penalty for failure to furnish or furnishing inaccurate information under section 397(3)(d) authorises the Assessing Officer to impose a penalty of Rs.100000 on any person required to furnish such information who either fails to do so or furnishes inaccurate information; the Assessing Officer enforces compliance with the disclosure obligation by assessing non compliance and levying the prescribed monetary sanction.

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