Penalty for record-keeping failures in international and specified domestic transactions; separate prescribed monetary sanction for failure to furnish documents. An assessing officer or Commissioner (Appeals) may impose a percentage-based penalty on each international or specified domestic transaction where a person fails to keep or maintain information and documents required by section 171(1), fails to report the transaction, or furnishes incorrect information; separately, the prescribed income-tax authority under section 171(4) may impose a fixed monetary penalty where a person fails to furnish the required information and documents.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Penalty for record-keeping failures in international and specified domestic transactions; separate prescribed monetary sanction for failure to furnish documents.
An assessing officer or Commissioner (Appeals) may impose a percentage-based penalty on each international or specified domestic transaction where a person fails to keep or maintain information and documents required by section 171(1), fails to report the transaction, or furnishes incorrect information; separately, the prescribed income-tax authority under section 171(4) may impose a fixed monetary penalty where a person fails to furnish the required information and documents.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
