Section 2012 — 3[271-I

3[271-I. Penalty for failure to furnish information or furnishing inaccurate information under section 195.—If a person, who is required to furnish information under sub-section (6) of section 195, fails to furnish such information, or furnishes inaccurate information, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of one lakh rupees.] 4[271J. Penalty for furnishing incorrect information in reports or certificates.—Without prejudice to the provisions of this Act, where the Assessing Officer or the Commissioner (Appeals), in the course of any proceedings under this Act, finds that an accountant or a merchant banker or a registered valuer has furnished incorrect information in any report or certificate furnished under any provision of this Act or the rules made thereunder, the Assessing Officer or the Commissioner (Appeals) may direct that such accountant or merchant banker or registered valuer, as the case may be, shall pay, by way of penalty, a sum of ten thousand rupees for each such report or certificate. Explanation.––For the purposes of this section,— (a) “accountant” means an accountant referred to in the Explanation below sub-section (2) of section 288; (b) “merchant banker” means Category I merchant banker registered with the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992. (c) “registered valuer” means a person defined in clause (oaa) of section 2 of the Wealth-tax Act, 1957.] [272. Failure to give notice of discontinuance.]—Omitted by the Direct Tax Laws (Amendment) Act, 1987, (4 of 1988), s. 109 (w.e.f. 1-4-1989). 5[272A. Penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections, etc.—(1) If any person,— (a) being legally bound to state the truth of any matter touching the subject of his assessment, refuses to answer any question put to him by an income-tax authority in the exercise of its powers under this Act; or

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