Penalty for inaccurate financial statements: reporting institutions face per-account liability and may recover amounts from account holders. 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.
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 inaccurate financial statements: reporting institutions face per-account liability and may recover amounts from account holders.
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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