Substitution of new section for section 271AA.

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..... etc., in respect of certain transactions. 271AA. Without prejudice to the provisions of section 271 or section 271BA, if any person in respect of an international transaction, (i) fails to keep and maintain any such information and document as required by sub-section (1) or sub-section (2) of section 92D; (ii) fails to report such transaction which h .....

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..... section 92D, the Assessing Officer or the Commissioner (Appeals) may direct such person shall pay, by way of penalty, a sum equal to two per cent. of the value of each international transaction entered into by such person. It is proposed to substitute the aforesaid section so as to provide the levy of penalty under the said section also in case where such person fails to report such transactio .....

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