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Penalty for fraudulently or negligently making incorrect returns, etc.
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501.—(1) Where a person fraudulently or negligently—
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(a) delivers any incorrect return or statement of a kind mentioned in any of the provisions specified in column 1 of Schedule 15,
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(b) makes any incorrect return, statement or declaration in connection with any claim for any allowance, deduction or relief, or
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(c) submits to the Revenue Commissioners, the Special Commissioners or an inspector any incorrect accounts in connection with the ascertainment of his liability to income tax or sur-tax,
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he shall, subject to section 503, be liable to a penalty of—
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(i) £100, and
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(ii) the amount, or, in the case of fraud, twice the amount, of the difference specified in section 502 (1).
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(2) Where a person fraudulently or negligently furnishes, gives, produces or makes any incorrect return, information, certificate, document, record, statement, particulars, account or declaration of a kind mentioned in any of the provisions specified in column 2 or 3 of Schedule 15, he shall, subject to section 503, be liable to a penalty of £100, or, in the case of fraud, of £250.
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(3) Where any such return, statement, declaration or accounts as is or are mentioned in subsection (1) was or were made or submitted by a person neither fraudulently nor negligently and it comes to his notice (or, if he has died, to the notice of his personal representatives) that it or they was or were incorrect, then, unless the error is remedied without unreasonable delay, the return, statement, declaration or accounts shall be treated for the purposes of this section as having been negligently made or submitted by him.
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(4) Subject to section 504 (2), proceedings for the recovery of any penalty under subsection (1) or (2) shall not be out of time by reason that they are commenced after the time allowed by section 511.
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