Yes, a penalty of Rs 50000 can be imposed for Wrong Filing.

Case 1 : Filed Late : Rs 100 per day of delay, unlimited period till it is filed

Case 2:

Some CA’s and professionals seem to be under doubt if NIL SFT is to be furnished.

Please note that filing of NIL SFT is not envisaged in the Notification issued in this regard.

Filing SFT is obligatory only if there are any reportable transactions and not otherwise.

http://taxguru.in/income-tax/submission-statement-financial-transactions-sft-form-61a.html?

http://www.casansaar.com/articles-Income-Tax/Filing-of-Statement-of-Financial-Transaction-SFT-us-285BA-Form-61A/3335.html?

This is to be E-filed and Using Digital Signatures