Penalty for failure to furnish statement of financial transaction escalates after notice period, with daily sanctions enforced. 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.
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 statement of financial transaction escalates after notice period, with daily sanctions enforced.
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.
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