The Tax Publishers2020 TaxPub(DT) 4332 (Del-Trib)

INCOME TAX ACT, 1961

Section 271AA

Where assessee kept and maintained information about international transactions, discussion of which was also made in Transfer Pricing Report which was submitted to TPO during the assessment proceedings, as assessee did not fail in reporting any international transactions, imposition of penalty under section 271AAA was unjustified.

Penalty under section 271AA - Validity - Allegation that assessee failed to report international transactions -

Issue was as regards validity of penalty imposed under section 271AA on allegation that assessee failed to report international transactions. Held: CIT(A) deleted the penalty and gave finding that assessee kept and maintained information about international transactions, the discussion of which was also made in Transfer Pricing Report which was submitted to the TPO during the assessment proceedings. CIT(A) thus concluded that assessee was maintaining the information and documents as prescribed under the law regarding international transactions and that assessee did not fail in reporting any international transactions. Revenue did not point out any fallacy in findings of CIT(A).

REFERRED :

FAVOUR : In assessee's favour.

A.Y. : 2011-12



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