TMI BlogPenalty for furnishing inaccurate statement of financial transaction or reportable accountX X X X Extracts X X X X X X X X Extracts X X X X ..... a statement under that section, provides inaccurate information in the statement, and where- (a) the inaccuracy is due to a failure to comply with the due diligence requirement prescribed under sub-section (7) of section 285BA or is deliberate on the part of that person; or (b) the person knows of the inaccuracy at the time of furnishing the statement of financial transaction or reportable a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... naccuracy in such statement is due to false or inaccurate information furnished by the holder or holders of the relevant reportable account or accounts, the prescribed income-tax authority under sub-section (1) of section 285BA, shall direct that the reporting financial institution shall, in addition to the penalty under sub-section (1), if any, pay a sum of five thousand rupees for every inaccura ..... X X X X Extracts X X X X X X X X Extracts X X X X
|