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          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.

          <h1>Penalty for inaccurate financial statements: reporting institutions face per-account liability and may recover amounts from account holders.</h1> The prescribed income-tax authority under section 508 may impose a penalty of fifty thousand rupees on persons required to furnish statements who provide inaccurate information, fail to correct it, or fail to meet due diligence requirements; additionally, a reporting financial institution may be directed to pay an additional per-account sum for each inaccurate reportable account caused by false or inaccurate information from the account holder, and may recover or retain amounts so paid from those account holders.

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