456. Penalty for failure to furnish or statement information or document by an eligible investment fund.
If any eligible investment fund required to furnish a statement or any information or document under paragraph 4 of Schedule I, fails to do so within the time prescribed under the said paragraph, the income-tax authority prescribed under the said paragraph may direct that such fund shall pay, by way of penalty, a sum of ₹500000.[Similar to Section 271FAB from The Income Tax Act, 1961-Also Refer]
