Penalty for failure to furnish transfer pricing accountant report under section 92E creates a mandatory monetary sanction for noncompliance.

A new provision prescribes a penalty for failure to furnish a report under section 92E. If a person fails to furnish the accountant's report required by section 92E, the Assessing Officer may direct that the person pay a fixed monetary penalty, creating an enforceable compliance mechanism for the transfer pricing reporting obligation effective from 1 April 2002.

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