{"act":{"id":"finance-act-2017","short_title":"The Finance Act, 2017","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2017-2018.","act_number":null,"act_year":2017,"enact_date":"2017-04-17","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":198,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2017/"},"unit":"section","section":{"number":"87","heading":"Insertion of new section 271J","text":"Insertion of new section 271J. 87. After section 271-I of the Income-tax Act, the following section shall be inserted, namely:— '271J. Penalty for furnishing incorrect information in reports or certificates.—Without prejudice to the provisions of this Act, where the Assessing Officer or the Commissioner (Appeals), in the course of any proceedings under this Act, finds that an accountant or a merchant banker or a registered valuer has furnished incorrect information in any report or certificate furnished under any provision of this Act or the rules made thereunder, the Assessing Officer or the Commissioner (Appeals) may direct that such accountant or merchant banker or registered valuer, as the case may be, shall pay, by way of penalty, a sum of ten thousand rupees for each such report or certificate. Explanation.—For the purposes of this section,— (a) | \"accountant\" means an accountant referred to in the Explanation below sub-section (2) of section 288; (b) | \"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); (c) | \"registered valuer\" means a person defined in clause (oaa) of section 2 of the Wealth-tax Act, 1957 (27 of 1957).'.","html":"<p><b> Insertion of new section 271J.</b></p><p><b> 87.</b> After section 271-I of the Income-tax Act, the following section shall be inserted, namely:—</p><p>'271J. <i>Penalty for furnishing incorrect information in reports or certificates.</i>—Without prejudice to the provisions of this Act, where the Assessing Officer or the Commissioner (Appeals), in the course of any proceedings under this Act, finds that an accountant or a merchant banker or a registered valuer has furnished incorrect information in any report or certificate furnished under any provision of this Act or the rules made thereunder, the Assessing Officer or the Commissioner (Appeals) may direct that such accountant or merchant banker or registered valuer, as the case may be, shall pay, by way of penalty, a sum of ten thousand rupees for each such report or certificate.</p><p><i>Explanation</i>.—For the purposes of this section,<i>—</i></p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>\"accountant\" means an accountant referred to in the <i>Explanation </i>below sub-section (2) of section 288;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>\"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);</td></tr><tr><td>(<i>c</i>)</td><td></td><td>\"registered valuer\" means a person defined in clause (<i>oaa</i>) of section 2 of the Wealth-tax Act, 1957 (27 of 1957).'.</td></tr></table></div>","words":208,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2017/section/87/","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."}