CHAPTER XXI
PENALTIES IMPOSABLE
1[Penalty for furnishing incorrect information in reports or certificates.
271J. Without prejudice to the provisions of this Act, where the Assessing Officer or 1[the Joint Commissioner (Appeals) 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 2[the Joint Commissioner (Appeals) 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).]
Note:
1. Ins. by the Finance Act, 2017 (w.e.f. 1-4-2017).
2. Substituted by the Finance Act, 2023 dated 01.02.2023 w.e.f 01.04.2023.
for the words and brackets-
the Commissioner (Appeals)
The following shall be substituted namely-
the Joint Commissioner (Appeals) or the Commissioner (Appeals)