Penalty for failure to maintain international transaction documentation: penalty imposed as a percentage of transaction value. A substituted provision empowers the Assessing Officer or Commissioner (Appeals) to direct payment of a monetary penalty, calculated as a percentage of the value of each international transaction, where a person fails to keep or maintain information and documents required by section 92D, fails to report a required international transaction, or maintains or furnishes incorrect information or documents.
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Provisions expressly mentioned in the judgment/order text.
Penalty for failure to maintain international transaction documentation: penalty imposed as a percentage of transaction value.
A substituted provision empowers the Assessing Officer or Commissioner (Appeals) to direct payment of a monetary penalty, calculated as a percentage of the value of each international transaction, where a person fails to keep or maintain information and documents required by section 92D, fails to report a required international transaction, or maintains or furnishes incorrect information or documents.
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