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Penalty for failure to furnish report or for furnishing inaccurate report under section 286.

Section 271GB - PENALTIES IMPOSABLE - Income Tax - Section 271GB - 1[ 271GB. (1) If any reporting entity referred to in section 286, which is required to furnish the report referred to in sub-section (2) of the said section, in respect of a reporting accounting year, fails to do so, the authority prescribed under that section (herein referred to as prescribed authority) may direct that such entity shall pay, by way of penalty, a sum of,- (a) five thousand rupees for every day for which the failu .....

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continues, beginning from the day immediately following the day on which the period for furnishing the information and document expires. (3) If the failure referred to in sub-section (1) or sub-section (2) continues after an order has been served on the entity, directing it to pay the penalty under sub-section (1) or, as the case may be, under sub-section (2), then, notwithstanding anything contained in sub-section (1) or sub-section (2), the prescribed authority may direct that such entity sha .....

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