Penalty for furnishing incorrect information: mandatory sanction per report against professionals upon authority direction.

A statutory penalty requires accountants, Category I merchant bankers and registered valuers to pay Rs.10000 for any incorrect information in reports or certificates furnished under the Act, with the sanction applying to each such report or certificate. The penalty is payable only on direction of the Assessing Officer or the Joint Commissioner (Appeals) or the Commissioner (Appeals) when incorrect information is found in proceedings under the Act; definitions identify merchant bankers by SEBI registration and valuers by statutory registration.

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