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of <h1>Accountants, specified merchant bankers or registered valuers face Rs.10,000 penalty per incorrect report when identified in proceedings</h1> Any accountant, specified merchant banker or registered valuer who furnishes incorrect information in any report or certificate required under the Act is liable to pay a penalty of Rs. 10,000 for each such report or certificate. The penalty is imposed on the direction of the Assessing Officer, Joint Commissioner (Appeals) or Commissioner (Appeals) when incorrect information is found during proceedings under the Act. 'Merchant banker' refers to a Category I merchant banker registered with the securities regulator; 'registered valuer' means a person registered as a valuer under the Act.
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