Section 457 — Penalty for failure to furnish information or document under section 171
Old Act equivalent: Section 271G of IT Act 1961 Sub-part: A—Penalties
Statutory Text
- If any person who has entered into an international transaction or specified domestic transaction fails to furnish any such information or document as required under section 171(2), a penalty equal to 2% of the value of such transac tion may be imposed upon him for each such failure by the Assessing Officer or the Transfer Pricing Officer as referred to in section 166 or the Commissioner (Appeals).
Penalty for failure to furnish information or document under section 506.
Provisos
None.
Explanations
None.
Tables
None.
Key Structure
- Applies to: Person who fails to furnish information or document as required under section 171.
- Conditions: Failure to furnish transfer pricing information or documentation.
- Time limits: None specified.
- Monetary limits: 2% of value of international transaction or specified domestic transaction.
- Exceptions: None.
Cross-References
- Section 166
- Section 171
- Section 506
Amendment Notes
None noted from the extracted pages.