Assessing Officer may impose a penalty of ` 100000 on such person. Penalty for furnishing incorrect information in reports or cert

463. (1) Any accountant or merchant banker or registered valuer, shall be liable to pay a penalty of ` 10000 for any incorrect information in any report or certif- icate furnished under any provision of this Act or the rules made thereunder. (2) The penalty under sub-section (1) shall be payable for each such report or cer- tificate. (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 incorrect information 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 (15 of 1992); and ( b) “registered valuer” means a person registered as a valuer under section 514. Penalty for failure to furnish statements, etc.