Penalty for failure to furnish information or document under section 92D
Penalty for failure to furnish information or document under section 92D.
271G. If any person who has entered into an 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 94[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 international transaction or specified domestic transaction for each such failure.
Following section 271GA shall be inserted after section 271G by the Finance Act, 2015, w.e.f. 1-4-2016 :