Section 463 — Penalty for furnishing incorrect information in reports or certificates
Old Act equivalent: Section 271J of IT Act 1961 Sub-part: A—Penalties
Statutory Text
- (1) Any accountant or merchant banker or registered valuer, shall be liable to pay a penalty of ` 10000 for any incorrect information in any report or certif icate furnished under any provision of this Act or the rules made thereunder. (2) The penalty under sub-section (1) shall be payable for each such report or cer tificate. (3) The penalty under sub-section (1) shall be payable on directions of the Assessing Officer or the Joint Commissioner (Appeals) or the Commissioner (Appeals) where the incorrect information mentioned in sub-section (1) is found by such authority in the course of any proceedings under this Act. (4) In this section,—
(a) “merchant banker” means Category I merchant banker registered with the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992); and
(b) “registered valuer” means a person registered as a valuer under section
Provisos
None.
Explanations
None.
Tables
None.
Key Structure
- Applies to: Accountant or merchant banker or registered valuer who furnishes incorrect information in reports or certificates.
- Conditions: Furnishing incorrect information in any report or certificate under any provision of the Act.
- Time limits: None specified.
- Monetary limits: Rs. 10,000 for each such report or certificate.
- Exceptions: None.
Cross-References
- Section 3
Amendment Notes
None noted from the extracted pages.