Section 271K in Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
271K. Penalty for failure to furnish statements, etc. - Without prejudice to the provisions of this Act, the Assessing Officer may direct that a sum not less than ten thousand rupees but which may extend to one lakh rupees shall be paid by way of penalty by-
(i)the research association, university, college or other institution referred to in clause (ii) or clause (iii) or the company referred to in clause (iia) of sub-section (1) of section 35, if it fails to deliver or cause to be delivered a statement within the time prescribed under clause (i), or furnish a certificate prescribed under clause (ii) of sub-section (1A) of that section; or(ii)the institution or fund, if it fails to deliver or cause to be delivered a statement within the time prescribed under clause (viii) of sub-section (5) of section 80G, or furnish a certificate prescribed under clause (ix) of the said sub-section.";(XXXVIII)in section 274, in sub-section (2A), in clause (a), for the words "Assessing Officer and the assessee in the course of proceedings", the words "incometax authority and the assessee or any other person" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2020;(XXXIX)in section 279, after sub-section (3), the following sub-sections shall be inserted with effect from the 1st day of November, 2020, namely:-(4)The Central Government may make a scheme, by notification in the Official Gazette, for the purposes of granting sanction under sub-section (1) or compounding under sub-section (2), so as to impart greater efficiency, transparency and accountability by-(a)eliminating the interface between the income-tax authority and the assessee or any other person to the extent technologically feasible;(b)optimising utilisation of the resources through economies of scale and functional specialisation;(c)introducing a team-based sanction to proceed against, or for compounding of, an offence, with dynamic jurisdiction.(5)The Central Government may, for the purpose of giving effect to the scheme made under sub-section (4), by notification in the Official Gazette, direct that any of the provisions of this Act shall not apply or shall apply with such exceptions, modifications and adaptations as may be specified in the notification:Provided that no direction shall be issued after the 31st day of March, 2022.(6)Every notification issued under sub-section (4) and sub-section (5) shall, as soon as may be after the notification is issued, be laid before each House of Parliament.";(XXXX)after section 293C of the Income-tax Act, the following section shall be inserted with effect from the 1st day of November, 2020, namely:-
