Section 271G - Penalty for failure to furnish information or document under section 92D - Income-tax Act, 1961

1 [Penalty for failure to furnish information or document under section 92D. 271G. If any person who has entered into an 2 [ international transaction or specified domestic transaction ] fails to furnish any such information or document as required by sub-section (3) of section 92D, the Assessing Officer 3 [or the Transfer Pricing Officer as referred to in section 92CA] or the Commissioner (Appeals) may direct that such person shall pay, by way of penalty, a sum equal to two per cent of the value of the 2 [ international transaction or specified domestic transaction ] for each such failure.] ----------------------------- Notes :- 1. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002. 2. Substituted vide Finance Act, 2012, w.e.f. 01-04-2013, before it was read as:- international transaction 3. Inserted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of October, 2014.