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of <h1>Penalty of 2% on transaction value for failing to provide info under Income Tax Act transfer pricing rules</h1> A penalty is imposed on any person involved in an international or specified domestic transaction who fails to furnish the required information or documents under the relevant tax provision. The Assessing Officer, Transfer Pricing Officer, or Commissioner (Appeals) may direct the payment of a penalty amounting to two percent of the value of the transaction for each failure to comply. This penalty aims to enforce transparency and compliance in reporting such transactions under the Income Tax Act.
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