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of <h1>Penalty of ₹10,000 for False Reports by Accountants, Merchant Bankers, or Registered Valuers under Income-tax Act</h1> Where an accountant, merchant banker, or registered valuer furnishes incorrect information in any report or certificate under the Income-tax Act or related rules, the Assessing Officer or designated appellate authorities may impose a penalty of ten thousand rupees per report or certificate. This provision applies without prejudice to other provisions of the Act. Definitions specify that an accountant is as per section 288(2) explanation, a merchant banker is a SEBI-registered Category I merchant banker, and a registered valuer is as defined under the Wealth-tax Act.
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