Section 271FAB of the Income Tax Act

Section 271FAB of the Income Tax Act: Penalty for failure to furnish statement or information or document by an eligible investment fund

If any eligible investment fund which is required to furnish a statement or any information or document, as required under sub-section (5) of section 9A fails to furnish such statement or information or document within the time prescribed under that sub-section, the income-tax authority prescribed under the said sub-section may direct that such fund shall pay, by way of penalty, a sum of five hundred thousand rupees.