Income-tax Act, 1961

Penalty for failure to furnish information or document under section 92D.

271G. If any person who has entered into an international transaction or specifieddomestic transaction fails to furnish any such information or document asrequired by sub-section (3) of section 92D, the Assessing Officer or the TransferPricing Officer as referred to in section 92CA or the Commissioner (Appeals) maydirect that such person shall pay, by way of penalty, a sum equal to two per cent ofthe value of the international transaction or specified domestic transaction for eachsuch failure.