Part of: Section 271AA — Penalty for failure to keep and maintain information and document, etc., in respect of
(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 p er cent. of the value of each 10[international transaction or specified domestic transaction] entered into by such person.] 9[(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. ]