Clause 460 - Penalty for failure to submit statement under section 505.

Penalty for failure to submit statement: assessing officer may impose escalating penalties when required statements are not furnished.

Clause 460 empowers the Assessing Officer to impose penalties for failure to furnish the statement required by section 505, authorising an escalating daily penalty for defaults that do not exceed a prescribed short-duration threshold and a higher lump-sum penalty where the failure extends beyond that threshold; the provision ties the sanction to non-furnishing within the period prescribed under section 505 and vests imposition discretion in the Assessing Officer.