Amendment of section 271FAA

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Full Text of the Document

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.... sub-section (1) of 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 i....