Section 271J - Penalty for furnishing incorrect information in reports or certificates. - Income-tax Act, 1961

1 [ Penalty for furnishing incorrect information in reports or certificates. 271J. Without prejudice to the provisions of this Act, where the Assessing Officer or 2 [ the Joint Commissioner (Appeals) or the Commissioner (Appeals) ] , in the course of any proceedings under this Act, finds that an accountant or a merchant banker or a registered valuer has furnished incorrect information in any report or certificate furnished under any provision of this Act or the rules made thereunder, the Assessing Officer or 2 [ the Joint Commissioner (Appeals) or the Commissioner (Appeals) ] may direct that such accountant or merchant banker or registered valuer, as the case may be, shall pay, by way of penalty, a sum of ten thousand rupees for each such report or certificate. Explanation. For the purposes of this section,- (a) accountant means an accountant referred to in the Explanation below sub-section (2) of section 288; (b) merchant banker means Category I merchant banker registered with the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992; (15 of 1992.) (c) registered valuer means a person defined in clause (oaa) of section 2 of the Wealth-tax Act, 1957. . (27 of 1957.)] ************ Notes:- 1. Inserted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2018 2. Substituted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2023 before it was read as, the Commissioner (Appeals)