Section 271GA:
Penalty for failure to furnish information or document under section 285A.
1If any
Indian concern, which is required to furnish any information or document under section 285A, fails to do
so, the income-tax authority, as may be prescribed under the said section, may direct that such Indian
concern shall pay, by way of penalty,—
(i) a sum equal to two per cent of the value of the transaction in respect of which such failure has
taken place, if such transaction had the effect of directly or indirectly transferring the right of
management or control in relation to the Indian concern;
(ii) a sum of five hundred thousand rupees in any other case.
Notes:
1. Ins. by Act 20 of 2015, s. 74 (w.e.f. 1-4-2016).