Penalty for furnishing inaccurate statement of financial transaction or reportable account

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....-- (a) provides inaccurate information in the statement or fails to furnish correct information within the period specified under sub-section (6) of the said section; or (b) fails to comply with the due diligence requirement prescribed under sub-section (7) of the said section, then, the prescribed income-tax authority referred to in sub-section (1) thereof may direct that such person shall p....

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....e entitled to recover the sum so paid on behalf of such reportable account holder, or to retain out of any moneys that may be in its possession, or may come to it from every such reportable account holder, an amount equal to the sum so paid.]     ************* NOTES:- 1. Inserted vide Section 71 of the Finance (No. 2) Act, 2014 w.e.f. 01-04-2015 2. Omitted vide Section 6....

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....due diligence requirement prescribed under sub-section (7) of section 285BA or is deliberate on the part of that person; or (b) the person knows of the inaccuracy at the time of furnishing the statement of financial transaction or reportable account, but does not inform the prescribed income-tax authority or such other authority or agency; or (c) the person discovers the inaccuracy after the s....