Section 89 - Insertion of new section 271BA - Finance Act, 2001

89. Insertion of new section 271BA After section 271B of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2002, namely :- 271BA. Penalty for failure to furnish report under section 92E.- If any person fails to furnish a report from an accountant as required by section 92E, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of one hundred thousand rupees. .