271G Income Tax Act - Penalty for failure to furnish information or document under section 92D

Section 271g of Income Tax Act 1961 - Penalty for failure to furnish information or document under section 92D

1If any person who has entered into an 2 international transaction or specified domestic transaction fails to furnish any such information or document as required by sub-section (3) of section 92D, the Assessing Officer 3 or the Transfer Pricing Officer as referred to in section 92CA or the Commissioner (Appeals) may direct that such person shall pay, by way of penalty, a sum equal to two per cent of the value of the 2 international transaction or specified domestic transaction for each such failure.
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1. Ins. by Act 14 of 2001, s. 91 (w.e.f. 1-4-2002).

2. Subs. by Act 23 of 2012, s. 102, for "international transaction" (w.e.f. 1-4-2013).

3. Ins. by Act 25 of 2014, s. 72 (w.e.f. 1-10-2014).