<s>[INST] When penalty under Section 271AA may be imposed? [/INST] ​​​Penalty under Section 271AA may be imposed if any of the following defaults are committed by the assessee:

​Failure to keep and maintain information and documents, as referred under Section 92D, in respect of an international transaction or specified domestic transaction entered by it;
Failure to report the international transaction or specified domestic transaction which he is required to do so;
Maintaining or furnishing incorrect information or document in respect of an international transaction or specified domestic transaction.​ </s>