122. Refusal or failure to supply information
(1) Refusing or failing to furnish information required under section 100(5) (to the Central Government) or section 146 (to the Controller) attracts a penalty of up to one lakh rupees, plus one thousand rupees for each day of continuing refusal or failure after the first.
(2) Furnishing such information or a statement known or believed to be false attracts a penalty equal to one-half per cent of total sales/turnover or gross professional receipts (as per audited accounts), or five crore rupees, whichever is less.
