(2)If a person fails to furnish in due time any statement or information which such person is bound to furnish to the Assessing Officer under section 37, he shall pay, by way of penalty, a sum which shall not be less than one hundred rupees but which may extend to two hundred rupees for every day during which the failure continues:Provided that no penalty shall be imposable under this sub-section if the person proves that there was reasonable cause for the said failure.
