Clause 100 - Amendment of section 271AA.

Penalty for failure to furnish transfer pricing information may be directed against constituent entities by the prescribed authority.

Amendment creates a renumbered sub section adding a cross reference to section 270A and inserts a new sub section authorising the prescribed income tax authority to direct that a constituent entity of an international group which fails to furnish the information and documents required under transfer pricing documentation rules shall pay a specified monetary penalty, with effect from the stated operative date and applying to the relevant assessment year and subsequent years.