Penalty for failure to furnish information return: daily penalty may be imposed up to a statutory cap when notice period lapses. Penalty for failure to furnish an information return arises where a person required to submit an information return under section 150 does not comply within the period specified in the notice issued under sub section (3). The proper officer may direct imposition of a penalty calculated on a per day basis for the period of continuing default, subject to a statutory maximum cap on the aggregate penalty.