What is the penalty if any person fails to furnish information or document of transfer pricing as per Section 271G of Income Tax Act, 1961?

As per Section 271G of Income Tax Act, 1961, if any person who has entered into an international transaction or specified domestic transaction fails to furnish any such information or document as required by sub-section (3) of section 92D, the assessing officer or the Transfer Pricing Officer as referred to in Section 92CA or the Commissioner (Appeals) may direct such person shall pay, by way of penalty, a sum equal to 2% of the value of the international transaction or specified transaction for each such failure.