Insertion of new section 271GA- Penalty for failure to furnish information or document under section 285A.

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Full Text of the Document

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....or document under section 285A. "271GA. If any Indian concern, which is required to furnish any information or document under section 285A, fails to do so, the income-tax authority, as may be prescribed under the said section, may direct that such Indian concern shall pay, by way of penalty,- (i) a sum equal to two per cent. of the value of the transaction in respect of which such failure has ta....