https://www.taxtmi.com/acts?id=48904 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. en-us Fri, 14 Feb 2025 14:11:49 +0530 Fri, 14 Feb 2025 14:11:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=48904 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. Act-Rules Bills Fri, 14 Feb 2025 14:11:49 +0530 https://www.taxtmi.com/acts?id=48904