Insertion of new section 271FAA- Penalty for furnishing inaccurate statement of financial transaction or reportable account

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Full Text of the Document

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....furnishing inaccurate statement of financial transaction or reportable account "271FAA. If a person referred to in clause (k) of sub-section (1) of section 285BA, who is required to furnish a statement under that section, provides inaccurate information in the statement, and where- (a) the inaccuracy is due to a failure to comply with the due diligence requirement prescribed under sub-section ....