https://www.taxtmi.com/acts?id=43623 The Assessing Officer may direct payment of a penalty where a person required to furnish a statement under section 285 fails to do so within the prescribed period, prescribing a daily penalty of one thousand rupees for each day of default where the failure does not exceed three months, and a lump-sum penalty of one lakh rupees in any other case. en-us Tue, 23 Jul 2024 15:56:22 +0530 Tue, 23 Jul 2024 15:56:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=43623 The Assessing Officer may direct payment of a penalty where a person required to furnish a statement under section 285 fails to do so within the prescribed period, prescribing a daily penalty of one thousand rupees for each day of default where the failure does not exceed three months, and a lump-sum penalty of one lakh rupees in any other case. Act-Rules Bills Tue, 23 Jul 2024 15:56:22 +0530 https://www.taxtmi.com/acts?id=43623