Failure to furnish financial transaction statements after notice attracts a daily penalty until compliance, subject to a statutory maximum.

Penalty is leviable where a person required to furnish a statement of financial transaction or reportable account under section 508(1) fails to comply within the period specified in a notice issued under section 508(7). The prescribed income-tax authority may impose a daily penalty for each day the default continues, beginning from the day after the notice period expires. The penalty is subject to a statutory maximum and applies to failure after notice.

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