¹¹ Omtt. by Act No. 4 of 2026, w.e.f. 1-4-2026. Prior to its omission, section 447 read as under : "447. Penalty for failure to furnish report under section 172.—If any person fails to furnish a report from an accountant as required by section 172, the Assessing Officer may impose a penalty of Rs. 100000 on such person."