Income Tax Act, 1961 Section 271AA - Bare Act |
| State | Central Government |
| Year | 1961 |
| Section Title | Penalty for Failure to Keep and Maintain Information and Document in Respect of International Transaction |
1[Without prejudice to the provisions of section 271, if any person fails to keep and maintain any such information and document as required by sub-section (1) or sub-section (2) of section 92D, the Assessing Officer or Commissioner (Appeals) may direct that such person shall pay, by way of penalty, a sum equal to two per cent of the value of each international transaction entered into by such person.]
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1. Inserted by the Finance Act, 2001, with effect from 1st April, 2002.