(1)The Assessing Officer or Commissioner (Appeals) may impose a penalty of 2% of the value of each international transaction or specified domestic transaction entered into by a person, if in respect of such transaction he,—(a)fails to keep and maintain any such information and document as required by section 171(1);(b)fails to report such transaction which he is required to do so; or(c)maintains or furnishes an incorrect information or document.
