Section 123. Penalty for failure to furnish
information return.-
If a person who is required to furnish an information
return under section 150 fails to do so within the period specified in the
notice issued under sub-section (3) thereof, the proper officer may direct that
such person shall be liable to pay a penalty of one hundred rupees for each day
of the period during which the failure to furnish such return continues:
Provided that the penalty imposed under this section
shall not exceed five thousand rupees.
