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| The Tax Publishers2020 TaxPub(DT) 3482 (Mum-Trib) INCOME TAX ACT, 1961
Section 271G
Assessee having furnished all the information as sought for by AO. No penalty could be levied under section 271G as no specific defect was pointed out in submission of documents.
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Penalty under section 271G - Leviability - No specific defect pointed out in submission of documents -
Assessee entered into international transactions with its AE. AO levied penalty under section 271G for non-furnishing of certain TP documentation with respect to international transactions. Assessee challenged this. Held: For imposing penalty under section 271G revenue must first mention the document and information, which was required to be furnished but was not furnished by assessee within specified time. In the instant case, assessee had sufficiently complied with requirement of rule 10D(i) and moreover, AO had not raised any specific issue which specific document was not produced under section 92D(3), hence assessee having furnished all the information as sought for by AO. No penalty could be levied under section 271G as no specific defect was pointed out in submission of documents.
Followed:CIT-II v. Leroy Somer & Controls (India) (P) Ltd. 2013 TaxPub(DT) 2510 (Del-HC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2012-13 to 2014-15
IN THE ITAT, MUMBAI BENCH
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