271AA Penalty for failure to keep and maintain information and document in respect of international transaction

*Section 271AA shall be renumbered as sub-section (1) thereof and after sub-section (1) as so renumbered sub-section  (2) shall be inserted w.e.f.1st April, 2017

*(1) Without prejudice to the provisions of section 270A or (Inserted w.e.f.1 st April, 2017)   section 271 or section 271BA, if any person in respect of an international transaction or specified domestic transaction,—

(i)  fails to keep and maintain any such information and document as required by sub-section (1) or sub-section (2) of section 92D;

(ii)  fails to report such transaction which he is required to do so; or

(iii) maintains or furnishes an incorrect information or document,

the Assessing Officer or Commissioner (Appeals) may direct that such person shall pay, by way of penalty, a sum equal to two per cent of the value of each international transaction or specified domestic transaction entered into by such person.