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Report No. 12

Chapter XXII

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.

Income-Tax Act, 1922 Back

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