Ans: Yes, under Section 271BA, failure to furnish a CA report through Form 2CEB results in a penalty for the defaulter. Any person who has entered into a transaction defined under Section 92B and Section 92BA needs to mandatorily furnish this report before the due date. Otherwise, the Assessing Officer (AO) may impose a penalty of up to Rs. 1,00,000 u/s 271BA.