Penalty for non-compliance with securities information notice permits an initial fine and continuing daily fines. The prior statutory provision permitted the Income-tax Officer to direct payment of an initial monetary penalty for failure to comply with a notice ... Summary
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Penalty for non-compliance with securities information notice permits an initial fine and continuing daily fines.
The prior statutory provision permitted the Income-tax Officer to direct payment of an initial monetary penalty for failure to comply with a notice requiring securities-related information, and a like amount as a continuing daily penalty for each day the failure continued; that provision has since been omitted by amendment.
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