[1][271FAA. Penalty for furnishing inaccurate statement of financial transaction or reportable account.

[2][(1)] If a person referred to in [3][* * *] sub-section (1) of Section 285BA, who is required to furnish a statement under that section, provides inaccurate information in the statement, and where

(a) the inaccuracy is due to a failure to comply with the due diligence requirement prescribed under sub-section (7) of Section 285BA or is deliberate on the part of that person; or