Insertion of new section 271FAA- Penalty for furnishing inaccurate statement of financial transaction or reportable account

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..... ccurate statement of financial transaction or reportable account 271FAA. If a person referred to in clause (k) of sub-section (1) of section 285BA, who is required to furnish 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 .....

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..... nsaction or reportable account. It is proposed to insert a new section 271FAA so as to provide that if a person referred to in clause (k) of sub-section (1) of section 285BA, who is required to furnish a statement of financial transaction or reportable account, provides inaccurate information in the statement and where (a) the inaccuracy is due to a failure to comply with the due diligence require .....

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