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Penalty for furnishing inaccurate statement of financial transaction or reportable account.

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....under sub-section (1) of the said section shall pay penalty of Rs.50000, if such person- (a) provides inaccurate information in the statement or fails to furnish correct information within the period specified under section 508(8); or (b) fails to comply with the due diligence requirement under section 508(9). (2) The prescribed income-tax authority referred to in section 508,....

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