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2014 (1) TMI 286 - ITAT MUMBAILevy of Penalty u/s 271G – Penalty for failure to furnish information or document under section 92D or Penalty for failure to furnish report under section 92E - Held that:- Failure to maintain documents and accounts being audited - The AO had not issued notice of the default committed by the assessee - it was unaware as which are the provision of the Act that he has not observed with regard to international transaction - Penalty order could have been quashed only on this basis - But, FAA has discussed the merits of the case also - he has given a clear finding that for the failure of the assessee penalty u/s 271G should not have been levied - while initiating penalty proceedings u/s 271G, AO satisfied himself to the effect that the assessee had failed to maintain documents and information as required u/s 92D(1) and it had failed to get its accounts audited, as required u/s 92E - For the defaults , AO should have initiated penalty proceedings u/s 271AA/271BA – Thus, the penalty levied u/s 271G of the Act set aside – Decided against Revenue.
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