Section 46:
Punishment for contravention in relation to failure to furnish information, declaration or return.
Any person who being required by or under this Act to furnish any--
(a) information;
(b) declaration; or
(c) return,fails to furnish such information, declaration or return shall be punishable with fine which may extend to
one lakh rupees, and in the case of continuing default, with a further fine which may extend to one lakh
rupees for every day during which such default continues after conviction for the first such default, or
with imprisonment for a term which may extend to three years, or with both.