Report No. 12
Penalties Imposable by Income-Tax Authorities
279. Failure to furnish information regarding securities etc.-
If any person without reasonable excuse fails too comply with a notice issued under section 97(7) [section 44E(6), earlier half], the Income-TAx officer may direct that such person shall pay a penalty not exceeding five hunderred rupees and a further penalty of the like amount for every day after the infliction of such penalty during which the failure continues.