Possibly fall in late? Go for punishment (12)
I believe the answer is:
flagellation
'punishment' is the definition.
(flagellation is a kind of punishment)
'possibly fall in late? go' is the wordplay.
'possibly' indicates anagramming the letters.
'fall'+'in'+'late'+'go'='fallinlatego'
'fallinlatego' anagrammed gives 'FLAGELLATION'.
'for' is the link.
(Other definitions for flagellation that I've seen before include "Flogging" , "Scourging" .)