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1[Penalty for furnishing incorrect information in reports or certificates. 271J. Without prejudice to the provisions of this Act, where the Assessing Officer or 1[the Joint Commissioner (Appeals) 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 2[the Joint Commissioner (Appeals) 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 (15 of 1992); (c) "registered valuer" means a person defined in clause (oaa) of section 2 of the Wealth-tax Act, 1957 (27 of 1957).] Note: 1. Ins. by the Finance Act, 2017 (w.e.f. 1-4-2017). 2. Substituted by the Finance Act, 2023 dated 01.02.2023 w.e.f 01.04.2023. for the words and brackets- the Commissioner (Appeals) The following shall be substituted namely- the Joint Commissioner (Appeals) or the Commissioner (Appeals)
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