J, an individual failed to keep and maintain information and document in respect of international transaction. What penalty can be imposed by AO or Commissioner (appeals) ?

CS Executive · Tax Laws and Practice · PYQS · December 2021
J, an individual failed to keep and maintain information and document in respect of international transaction. What penalty can be imposed by AO or Commissioner (appeals) ?
(A) 1% of the value of each international transaction
(B) 2% of the value of each international transaction
(C) 3% of the value of each international transaction
(D) 4% of the value of each international transaction

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Income Tax Act, 1961

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