Amendment of section 271FAA.

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....f section 285BA may direct that such person shall pay, by way of penalty, a sum of fifty thousand rupees. (2) Where in the case of a person, referred to in clause (k) of sub-section (1) of section 285BA, who is required to furnish a statement under that section (herein referred to as the reporting financial institution) provides inaccurate information in the statement and the inaccuracy in such ....

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....r furnishing inaccurate statement of financial transaction or reportable account. The said section provides for imposition of penalty of fifty thousand rupees on a person for furnishing inaccurate information in the statement of financial transaction or reportable account. It is proposed to amend the said section to provide that the income-tax authority imposing penalty under the said section sh....