Penalty for Failure to Furnish Information or Document Relating to International Transaction
Nature of Default
• Failure to furnish information or documents as required by the Assessing Officer or Commissioner (Appeals) in the course of transfer pricing proceedings as referred to in Section 92D.
Quantum of Penalty
• The Assessing Officer or TPO or Commissioner (Appeals) may impose a penalty equal to 2% of the value of the international transaction or specified domestic transaction for each such failure.
• Penalty shall not be levied if the assessee proves reasonable cause for the failure.