442. Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions.
(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.(2)The prescribed income-tax authority referred to in section 171(4) may impose a penalty of ₹500000 on a person, if he fails to furnish the information and document required under the said section.[Similar to Section 271AA from The Income Tax Act, 1961-Also Refer]
