Section 74 - Insertion of new section 271GA- Penalty for failure to furnish information or document under section 285A - Finance Act, 2015

Insertion of new section 271GA 74. After section 271G of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2016, namely:- Penalty for failure to furnish information or document under section 285A 271GA. If any Indian concern, which is required to furnish any information or document under section 285A, fails to do so, the income-tax authority, as may be prescribed under the said section, may direct that such Indian concern shall pay, by way of penalty,- (i) a sum equal to two per cent. of the value of the transaction in respect of which such failure has taken place, if such transaction had the effect of directly or indirectly transferring the right of management or control in relation to the Indian concern; (ii) a sum of five hundred thousand rupees in any other case. .