Section 91 - Insertion of new section 271G - Finance Act, 2001

91. Insertion of new section 271G After section 271F of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2002, namely :- 271G. Penalty for failure to furnish information or document under section 92D.- If any person who has entered into an international transaction fails to furnish any such information or document as required by sub-section (3) of section 92D, the Assessing Officer 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 international transaction for each such failure. .