(1)Where a person, who is required to deliver or causes to be delivered a statement prescribed in section 397(3)(b),—(a)fails to do so within the time prescribed in the said section; or(b)furnishes incorrect information in the said statement, the Assessing Officer may impose on such person, a penalty of a sum which shall not be less than ₹10000 but which may extend to ₹100000.
