<s>[INST] When penalty under Section 271GB(4) may be imposed? [/INST] ​​​Penalty under Section 271GB(4) may be imposed if a reporting entity provides inaccurate information in the report furnished and:

​The entity has knowledge of the inaccuracy at the time of furnishing the report but fails to inform the Director-General of Income-tax;
The entity discovers the inaccuracy after the report is furnished but fails to inform the Director-General and fails to furnish a correct report within 15 days of such discovery; or
The entity furnishes inaccurate information or document in response to the notice issued.​ </s>