Section 464 — Penalty for failure to furnish statements, etc

The Assessing Officer may impose a penalty which shall not be less than Rs. 10000 but which may extend up to Rs. 100000 on--

(a) the research association, university, college or other institution referred to in section 45, if it fails to deliver or furnish the documents as may be prescribed under section 45(4)(a); or

(b) the institution or fund, if it fails to deliver or cause to be delivered a statement within the time prescribed under section 354(1)(e), or furnish a certificate prescribed under section 354(1)(g).