Discuss the provisions and powers of Competition Commission of India to impose penalty for non-furnishing of information on combination under the Competition Act, 2002.

Section 43A of the Competition Act, 2002 provides that if any person or enterprise who fails to give notice to the Commission under sub-section (2) of section 6, the Commission shall impose on such person or enterprise a penalty which may extend to one per cent of the total turnover or the assets, whichever is higher, of such a combination. The above provision implies that the Competition Commission of India (CCI) is empowered to levy penalties for non-compliance of combination regulations.