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Penalty for failure to furnish information return: daily charge accrues until return filed, capped by statute. Where a person required to furnish an information return under the governing provision fails to do so within the period specified in the notice issued under the relevant sub provision, the proper officer may direct a daily penalty for each day the failure continues, subject to an overall statutory penalty cap.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
<h1>Penalty for failure to furnish information return: daily charge accrues until return filed, capped by statute.</h1> Where a person required to furnish an information return under the governing provision fails to do so within the period specified in the notice issued under the relevant sub provision, the proper officer may direct a daily penalty for each day the failure continues, subject to an overall statutory penalty cap.
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