When penalty under Section 271AA may be imposed?

Ans. Penalty under Section 271AA may be imposed if any of the following defaults are committed by the assessee:

​a. Failure to keep and maintain information and documents, as referred under Section 92D, in respect of an international transaction or specified domestic transaction entered by it;

b. Failure to report the international transaction or specified domestic transaction which he is required to do so;

c. Maintaining or furnishing incorrect information or document in respect of an international transaction or specified domestic transaction.​