271AA. [ Penalty for failure to keep and maintain information and document in respect of international transaction. [ Inserted by Act 14 of 2001, Section 88 (w.e.f. 1.4.2002).]
- 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 92-D, 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.]
