Penalty for Furnishing Incorrect Information in Reports or Certificates
Nature of Default
A penalty may be imposed if a Chartered Accountant, Merchant Banker, or Registered Valuer furnishes incorrect information in a report or certificate under any provision of the Act or the rules made thereunder.
Quantum of Penalty
• The Assessing Officer, the Joint Commissioner (Appeals), or the Commissioner (Appeals) may impose a penalty of Rs. 10,000 for each such report or certificate.
• Penalty shall not be levied if the assessee proves reasonable cause for the failure.