271AA. (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.
The following sub-section (2) shall be inserted after renumbered sub-section (1) of section 271AA by the Finance Act, 2016, w.e.f. 1-4-2017 :
(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.
[Updated up to Finance Act 2017]