Amendment of section 271AA.

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..... n 270A or shall be inserted; (b) after sub-section (1) as so renumbered, the following sub-section shall be inserted, namely:- (2) If any person fails to furnish the information and the document as required under sub-section (4) of section 92D, the prescribed income-tax authority referred to in the said sub-section may direct that such person shall pay, by way of penalty, a sum of five hundred tho .....

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..... vide that if any person being constituent entity of an international group referred to in the proposed new section 286 fails to furnish the information and document in accordance with provisions of section 92D, then, the prescribed authority referred to in the said section may direct that such person shall be liable to pay a penalty of five hundred thousand rupees. These amendments will take effec .....

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