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Where any person has entered into an international transaction or specified domestic transaction in any previous year, then the Income tax Officer may make reference to the Transfer Pricing Officer to compute the arm’s length price in relation to said International / specified domestic transaction. The Transfer Pricing Officer may issue notice to the concerned person requiring him to produce such evidence or documents as required / mentioned in the said notice within a period of thirty days from the date of receipt of a notice issued or as specified in the notice. If such person fails to furnish any such information or document as required , he shall be liable to pay, by way of penalty, a sum equal to two per cent of the value of the international transaction or specified domestic transaction for each such failure.
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