Section 271AA:
Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions.
1,2(1) Without prejudice to the provisions of 3
section 270A or section
271 or section 271BA, if any person in respect of an4international 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 10international transaction or specified
domestic transaction entered into by such person.
3
(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.
Notes:
1. Subs. by Act 23 of 2012, s. 98, for section 271AA (w.e.f. 1-7-2012).
2. Section 271AA renumbered as sub-section (1) thereof by Act 28 of 2016, s. 102 (w.e.f. 1-4-2017).
3. Ins. by s. 102, ibid. (w.e.f. 1-4-2017).
4. Subs. by Act 23 of 2012, s. 99, for “international transaction” (w.e.f. 1-4-2013).