Penalty for failure to furnish statement of financial transaction or reportable account.

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Full Text of the Document

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....tion 508(1), fails to furnish such statement or reportable account within the period specified in the notice issued under section 508(7), the income-tax authority prescribed under section 508(1) may impose on him, a penalty of Rs. 1000 for every day for which such failure continues, beginning from the day immediately after the period specified in such notice for furnishing such statement or report....