Substitution of new section for section 446.

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....n of crypto-asset. "446. (1) If any person who is required to furnish a statement in respect of a transaction of a crypto-asset under section 509(1), fails to furnish such statement within the time prescribed under the said section, the prescribed income-tax authority under that section may impose on him, a penalty of Rs. 200 for every day for which such failure continues. (2) Th....

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....n 509(1), fails to furnish such statement within the time as provided by rules under the said section, the income-tax authority as may be provided by rules under that section may impose on him, a penalty of Rs. 200 for every day during which such failure continues. Sub-section (2) of the proposed new section seeks to provide that the said income-tax authority may impose a penalty of Rs. 50000 o....