Amendment of section 271AA.

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..... er section 270A or shall be inserted; (b) after sub-section (1) as so renumbered, the following sub-section shall be inserted, namely:- (2) If any person fails to furnish the information and the document as required under sub-section (4) of section 92D, the prescribed income-tax authority referred to in the said sub-section may direct that such person shall pay, by way of penalty, a sum o .....

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..... nd the said section so as to provide that if any person being constituent entity of an international group referred to in the proposed new section 286 fails to furnish the information and document in accordance with provisions of section 92D, then, the prescribed authority referred to in the said section may direct that such person shall be liable to pay a penalty of five hundred thousand rupees. .....

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