Penalty for furnishing incorrect information in reports or certificates

(1)

Any accountant or merchant banker or registered valuer, shall be liable to pay a penalty of ten thousand rupees for any incorrect information in any report or certificate furnished under any provision of this Act or the rules made thereunder.

(2)

The penalty under sub-section (1) shall be payable in respect of each incorrect report or certificate.

(3)

The penalty under sub-section (1) shall be payable on directions of the Assessing Officer or the Joint Commissioner (Appeals) or the Commissioner (Appeals) where the inaccuracy mentioned in sub-section (1) is found by such authority in the course of any proceedings under this Act.

(4)

In this section,—

(a)

“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; and

(b)

“registered valuer” means a person registered as a valuer under section 514.