Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions
12[Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions.
271AA. Without prejudice to the provisions of section 271 or section 271BA, if any person in respect of an international transaction 13[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 13[or specified domestic transaction] entered into by such person.]