Clause 93 - Substitution of new section for section 271AA. - Finance Bill, 2012

Substitution of new section for section 271AA. 93. For section 271AA of the Income-tax Act, the following section shall be substituted with effect from the 1st day of July, 2012, namely: Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions. 271AA. Without prejudice to the provisions of section 271 or section 271BA, if any person in respect of an international 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 international transaction entered into by such person. .