Penalty for failure to keep and maintain information and document, etc , in respect of certain transactions
Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions.
442. (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.