Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions.

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....>Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions. 442. (1) The Assessing Officer or Commissioner (Appeals) may impose a penalty of 2% of ....

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.... (2) The prescribed income-tax authority referred to in section 171(4) may impose a penalty of five lakh rupees on a person, if he fails to furnish the information and document required under the sai....