271AA Income Tax Act - Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions

Section 271aa of Income Tax Act 1961 - Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions

1,2(1) Without prejudice to the provisions of 3 section 270A or section 271 or section 271BA, if any person in respect of an4international transaction 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 10international transaction or specified domestic transaction entered into by such person.

3 (2) If any person fails to furnish the information and the document as required under sub-section (4) of section 92D, the prescribed income-tax authority referred to in the said sub-section may direct that such person shall pay, by way of penalty, a sum of five hundred thousand rupees.
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1. Subs. by Act 23 of 2012, s. 98, for section 271AA (w.e.f. 1-7-2012).

2. Section 271AA renumbered as sub-section (1) thereof by Act 28 of 2016, s. 102 (w.e.f. 1-4-2017).

3. Ins. by s. 102, ibid. (w.e.f. 1-4-2017).

4. Subs. by Act 23 of 2012, s. 99, for "international transaction" (w.e.f. 1-4-2013).