India - Income Tax Act 2010 - Saarc

1.909 CH. XXI - PENALTIES IMPOSABLE S. 271AAA49[(6) Any reference in this section to the income shall be construed as a referenceto the income or fringe benefits, as the case may be, and the provisions of thissection shall, as far as may be, apply in relation to any assessment in respect offringe benefits also.]50[Failure to keep, maintain or retain books of account, documents, etc.271A. Without prejudice to the provisions of section 271, if any person 51 [***]fails to keep and maintain any such books of account and otherdocuments as required by section 44AA or the rules made thereunder, in respectof any previous year or to retain such books of account and other documents forthe period specified in the said rules, the 52 [Assessing] Officer or the 53 [***]54[Commissioner (Appeals)] may direct that such person shall pay, by way ofpenalty, 55 [a sum of twenty-five thousand rupees].56[Penalty for failure to keep and maintain information and document in respectof international transaction.271AA. Without prejudice to the provisions of section 271, if any person fails tokeep and maintain any such information and document as required bysub-section (1) or sub-section (2) of section 92D, the Assessing Officer orCommissioner (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 enteredinto by such person.]57[Penalty where search has been initiated.271AAA. (1) The Assessing Officer may, notwithstanding anything contained inany other provisions of this Act, direct that, in a case where search hasbeen initiated under section 132 on or after the 1st day of June, 2007, the assesseeshall pay by way of penalty, in addition to tax, if any, payable by him, a sum49. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006.50. Inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976.51. Words “, without reasonable cause,” omitted by the Taxation Laws (Amendment &Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986.52. Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.53. Words “Deputy Commissioner (Appeals) or the” omitted by the Finance (No. 2) Act, 1998,w.e.f. 1-10-1998. Earlier “Deputy Commissioner (Appeals)” was substituted for “AppellateAssistant Commissioner” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988and “or the” was inserted by the Finance (No. 2) Act, 1977, w.e.f. 10-7-1978.54. Inserted by the Finance (No. 2) Act, 1977, w.e.f. 10-7-1978.55. Substituted for “a sum which shall not be less than two thousand rupees but which mayextend to one hundred thousand rupees” by the Finance Act, 2001, w.e.f. 1-6-2001. Earlier,the quoted words were substituted for “a sum which shall not be less than ten per cent butwhich shall not exceed fifty per cent of the amount of the tax, if any, which would havebeen avoided if the income returned by such person had been accepted as the correctincome” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.56. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002.57. Inserted by the Finance Act, 2007, w.e.f. 1-4-2007.