Penalty for incorrect professional reporting may be imposed on accountants, merchant bankers, and registered valuers under income-tax law. A new provision permits the Assessing Officer or Commissioner (Appeals) to direct an accountant, Category I merchant banker, or registered valuer to pay a penalty for each report or certificate that contains incorrect information furnished under the Income-tax Act or its rules, operating without prejudice to other Act provisions and defining the covered professional categories.
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Provisions expressly mentioned in the judgment/order text.
Penalty for incorrect professional reporting may be imposed on accountants, merchant bankers, and registered valuers under income-tax law.
A new provision permits the Assessing Officer or Commissioner (Appeals) to direct an accountant, Category I merchant banker, or registered valuer to pay a penalty for each report or certificate that contains incorrect information furnished under the Income-tax Act or its rules, operating without prejudice to other Act provisions and defining the covered professional categories.
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