Section 172 - Penalty for failure to furnish statement. - Finance Act, 2016

Penalty for failure to furnish statement. 172 . Where an 1 [ assessee or e-commerce operator ] fails to furnish the statement within the time prescribed under sub-section (1) or sub-section (3) of section 167, he shall be liable to pay a penalty of one hundred rupees for each day during which the failure continues. ****************** NOTES:- 1. Substituted vide Finance Act, 2020 dated 27-03-2020 before it was read as assessee