# The Finance Act, 2001, Section 91: Insertion of new section 271G

- Act: The Finance Act, 2001
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2001/section/91/

## Text

Insertion of new section 271G. 91. After section 271F of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2002, namely:— "271G. Penalty for failure to furnish information or document under section 92D.—If any person who has entered into an inter­national transaction fails to furnish any such information or document as required by sub-section (3) of section 92D, the Assessing Officer or the Commissioner (Appeals) may direct that such person shall pay, by way of penalty, a sum equal to two per cent of the value of the international transaction for each such failure.". © Copyright. Taxmann Publications Pvt. Ltd.

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