Penalty for failure to furnish information return: daily penalty may be imposed for continued default, subject to an overall cap. Where a person required to furnish an information return under section 150 fails to do so within the period specified in the notice under subsection (3), the proper officer may direct imposition of a daily penalty for each day of continued failure, subject to an overall statutory ceiling; the penalty is triggered by non compliance within the notice period.
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.
Penalty for failure to furnish information return: daily penalty may be imposed for continued default, subject to an overall cap.
Where a person required to furnish an information return under section 150 fails to do so within the period specified in the notice under subsection (3), the proper officer may direct imposition of a daily penalty for each day of continued failure, subject to an overall statutory ceiling; the penalty is triggered by non compliance within the notice period.
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