Penalty for failure to furnish information return

123. Penalty for failure to furnish information return. - If a person who is required to furnish an information return under section 150 fails to do so within the period specified in the notice issued under sub -section (3) thereof, the proper officer may direct, 112 that such person shall be liable to pay a penalty of one hundred rupees for each day of the period during which the failure to furnish such return continues: Provided that t he penalty imposed under this section shall not exceed five thousand rupees.