When penalty under Section 271GA may be imposed?
​​​Section 285A provides for reporting by an Indian concern if following two conditions are satisfied:

​Shares or interest in a foreign company or entity derive substantial value, directly or indirectly, from assets located in India; and
Such foreign company or entity holds such assets in India through or in such Indian concern.

In this case, the Indian entity shall furnish the prescribed information for the purpose of determination of any income accruing or arising in India under Section 9(1)(i).

In case of any failure, the Indian concern shall be liable to pay a penalty under section 271GA.​