Amendment status not verified — confirm the current text below against the official source.
(1) The Assessing Officer or Commissioner (Appeals) may impose a penalty of 2% of the value of each international transaction or specified domestic transaction entered into by a person, if in respect of such transaction he,-- (a) fails to keep and maintain any such information and document as required by section 171(1); (b) fails to report such transaction which he is required to do so; or (c) maintains or furnishes an incorrect information or document. (2) The prescribed income-tax authority referred to in section 171(4) may impose a penalty of Rs.500000 on a person, if he fails to furnish the information and document required under the said section.