463. Penalty for furnishing incorrect information in reports or certificates.
(1)Any accountant or merchant banker or registered valuer, shall be liable to pay a penalty of ₹10000 for any incorrect information in any report or certificate furnished under any provision of this Act or the rules made thereunder.(2)The penalty under sub-section (1) shall be payable for each such report or certificate.(3)The penalty under sub-section (1) shall be payable on directions of the Assessing Officer or the Joint Commissioner (Appeals) or the Commissioner (Appeals) where the incorrect information mentioned in sub-section (1) is found by such authority in the course of any proceedings under this Act.(4)In this section,—(a)"merchant banker" means Category I merchant banker registered with the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992; and(b)"registered valuer" means a person registered as a valuer under section 514.[Similar to Section 271J from The Income Tax Act, 1961-Also Refer]
