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<h1>Penalty under section 271GC for failure to furnish statement under section 285: Rs1,000/day up to three months, Rs1,00,000 thereafter</h1> Penalty under section 271GC applies where a person required to furnish a statement under section 285 fails to do so within the prescribed period; the assessing officer may levy Rs.1,000 per day of delay for defaults within three months, and a flat penalty of Rs.1,00,000 where the delay exceeds that period.