Income Tax Act, 1967.

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Penalties for failure to make certain returns, etc.

500.—(1) Where any person—

(a) has been required, by notice or precept given under or for the purposes of any of the provisions specified in column 1 or 2 of Schedule 15, to deliver any return, statement, declaration, list or other document, to furnish any particulars, to produce any document, or to make anything available for inspection, and he fails to comply with the notice or precept, or

(b) fails to do any act, furnish any particulars or deliver any account in accordance with any of the provisions specified in column 3 of that Schedule,

he shall, subject to subsection (2) and to section 503, be liable to a penalty of £100 and, if the failure continues after judgment has been given by the court before which proceedings for the penalty have been commenced, to a further penalty of £10 for each day on which the failure so continues.

(2) Where the said notice was given under or for the purposes of any of the provisions specified in column 1 of the said Schedule and the failure continues after the end of the year of assessment following that during which the notice was given, the first of the penalties mentioned in subsection (1) shall be £250.

(3) The preceding provisions of this section shall have effect subject to the proviso to section 169 (4) and the proviso to section 178 (1).