Penalty for failure to furnish statement under section 285: officer may impose escalating penalties for continued non-compliance. Where a person required to furnish a statement under section 285 fails to do so within the prescribed period, the Assessing Officer may direct imposition of a penalty. The statute provides a structured two-tier penalty: a continuing daily penalty for the period of failure up to a specified short-term duration, and a higher fixed penalty in other cases; the provision was inserted by the Finance Act (No. 2), 2024.