{"act":{"id":"finance-act-2012","short_title":"The Finance Act, 2012","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2012-2013.","act_number":null,"act_year":2012,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":121,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2012/"},"unit":"section","section":{"number":"98","heading":"Substitution of new section for section 271AA","text":"Substitution of new section for section 271AA. 98. For section 271AA of the Income-tax Act, the following section shall be substituted with effect from the 1st day of July, 2012, namely:— \"271AA. Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions.—Without prejudice to the provisions of section 271 or section 271BA, if any person in respect of an international 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 entered into by such person.\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Substitution of new section for section 271AA.</b></p><p><b>98.</b> For section 271AA of the Income-tax Act, the following section shall be substituted with effect from the 1st day of July, 2012, namely:—</p><p>\"271AA. <i>Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions.</i>—Without prejudice to the provisions of section 271 or section 271BA, if any person in respect of an international transaction,—</p><p>(<i>i</i>) fails to keep and maintain any such information and document as required by sub-section (1) or sub-section (2) of section 92D;</p><p>(<i>ii</i>) fails to report such transaction which he is required to do so; or</p><p>(<i>iii</i>) maintains or furnishes an incorrect information or document,</p><p>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 entered into by such person.\".</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":154,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2012/section/98/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}