271AA. Penalty for failure to keep and maintain information and document, etc., in respect of
certain transactions. -8[(1)] Without prejudice to the provisions of 9[section 270A or] section
271 or section 271BA, if any person in respect of an 10[international 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)fail s 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 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. ]