Penalty for failure to furnish information under section 285A: percentage penalty where control transfers, otherwise a fixed penalty.

A new provision empowers the income tax authority under section 285A to direct penalties for an Indian concern that fails to furnish information or documents required under section 285A. If the non furnishing relates to a transaction that directly or indirectly transferred the right of management or control, the penalty is a percentage of the transaction value; in other cases a specified fixed monetary penalty applies. The amendment is effective from 1 April 2016 and applies to the assessment year 2016 17 onwards.

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