Incorrect information penalty: accountants, merchant bankers and registered valuers may be fined per report during tax proceedings. Section 271J creates a penalty for accountants, Category I merchant bankers and registered valuers who furnish incorrect information in any report or certificate under the Income-tax Act or rules. Where the Assessing Officer or the Commissioner (Appeals), during proceedings under the Act, finds such incorrect information, they may direct that the relevant professional pay a penalty for each report or certificate. The provision operates without prejudice to other Act provisions and defines the covered professionals by reference to existing statutory definitions.