Failure to produce accounts triggers criminal liability, including possible imprisonment and continuing daily fines for default. Willful failure to produce accounts, records or documents required by a notice under section 16(4) of the Wealth-tax Act is punishable by rigorous ... Summary
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Failure to produce accounts triggers criminal liability, including possible imprisonment and continuing daily fines for default.
Willful failure to produce accounts, records or documents required by a notice under section 16(4) of the Wealth-tax Act is punishable by rigorous imprisonment for up to one year, or a daily fine for the period during which the default continues, or both; the fine is calculated on a per-day basis for continuing default.
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