Substitution of new section for section 271AA
Section 98 of the Finance Act, 2012 deals with substitution of new section for section 271AA. Substitution of new section for section 271AA.
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.".
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Section 98, The Finance Act, 2012.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 98
What does Section 98 of the Finance Act deal with?
Section 98 of the Finance Act is headed "Substitution of new section for section 271AA". Substitution of new section for section 271AA.
How do I find court cases under Section 98 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2012 98, section 98 Finance Act 2012, section 98 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 98 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 271AA (Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions), so none of them can safely be read on its own. 2 other provisions in this corpus refer back to it.
When was the Finance Act enacted?
Finance Act was enacted in 2012. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule7049 words
- 2. Income-tax2690 words
- 41. Insertion of new Chapter X-A1832 words
- 19. Insertion of new section 54GB1044 words
- 40. Insertion of new sections 92CC and 92CD951 words
- 62. Insertion of new section 144BA869 words
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