Penalty for furnishing incorrect information: professionals face a directed fixed penalty per noncompliant report or certificate. Where, in the course of proceedings under the Income-tax Act, the Assessing Officer or specified appellate officers find that an accountant, merchant banker, or registered valuer has furnished incorrect information in any report or certificate furnished under the Act or rules, the officer may direct that the professional pay a fixed penalty for each such report or certificate; the section also defines the covered professional categories by statutory reference.