Penalty for failure to furnish information: authority may impose percentage-based or fixed monetary penalties for non-compliance. The prescribed income-tax authority may direct an Indian concern that fails to furnish information or document under section 506 to pay a penalty. If the failure concerned a transaction that directly or indirectly transferred the right of management or control, the penalty is 2% of the value of the transaction; in any other case the penalty is five lakh rupees. The authority thus may impose either a percentage-based penalty tied to transaction value or a specified fixed penalty based on the nature of the failure.
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 failure to furnish information: authority may impose percentage-based or fixed monetary penalties for non-compliance.
The prescribed income-tax authority may direct an Indian concern that fails to furnish information or document under section 506 to pay a penalty. If the failure concerned a transaction that directly or indirectly transferred the right of management or control, the penalty is 2% of the value of the transaction; in any other case the penalty is five lakh rupees. The authority thus may impose either a percentage-based penalty tied to transaction value or a specified fixed penalty based on the nature of the failure.
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