Insertion of new section 271GA- Penalty for failure to furnish information or document under section 285A.

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..... or document under section 285A. "271GA. If any Indian concern, which is required to furnish any information or document under section 285A, fails to do so, the income-tax authority, as may be prescribed under the said section, may direct that such Indian concern shall pay, by way of penalty,- (i) a sum equal to two per cent. of the value of the transaction in respect of which such failure has t .....

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..... action had the effect of directly or indirectly transferring the right of management or control in relation to the Indian concern; (ii) a sum of five hundred thousand rupees in any other case. This amendment will take effect from 1st April, 2016 and will, accordingly, apply in relation to the assessment year 2016-17 and subsequent years.
Statute, statutory provisions legislation, law, enactmen .....

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