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<h1>Penalty for failure to furnish statement of financial transaction escalates after notice period, with daily sanctions enforced.</h1> The provision prescribes daily monetary sanctions for failure to furnish a statement of financial transaction or reportable account, establishing an initial per-day penalty for delay beyond the prescribed time and an increased per-day penalty that begins if the statement is not furnished within the period specified in a notice issued under the governing provision. Liability to impose these sanctions is vested in the designated income-tax authority.