IT Act 1961 271AA — Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions

Income-tax Act, 1961

Statutory text

[(1)] Without prejudice to the provisions of [section 270A or] section 271 or section 271BA, if any person in respect of an [international transaction or specified domestic transaction],—

(i) fails to keep and maintain any such information and document as required by sub-section (1) or sub-section (2) of section 92D;

(ii) fails to report such transaction which he is required to do so; or (iii) maintains or furnishes an incorrect information or document, the Assessing Officer or Commissioner (Appeals) may direct that such person shall pay, by way of penalty, a sum equal to two per cent. of the value of each [international transaction or specified domestic transaction] entered into by such person.] [ (2) If any person fails to furnish the information and the document as required under sub-section (4) of section 92D, the prescribed income-tax authority referred to in the said sub-section may direct that such person shall pay, by way of penalty, a sum of five hundred thousand rupees.]

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