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2018 (11) TMI 1935 - ITAT KOLKATAPenalty u/s 271AA - CIT(Appeals) cancelled the penalty imposed u/s 271AA on the ground that the amendment made in section 271AA by the Finance Act, 2012 w.e.f. 1st July, 2012 was applicable from A.Y. 2012-13 and not to A.Y. 2011-12 - HELD THAT:- A perusal of the penalty order passed by the Assessing Officer in the present case shows that the penalty u/s 271AA was imposed by the AO in the case of the assessee for A.Y. 2011-12 for the failure of the assessee to report the international transactions and also to furnish incorrect information in the return of income with reference to such international transactions. The said defaults allegedly committed by the assessee for the year under consideration, i.e. A.Y. 2011-12, however, were not covered by the provisions of section 271AA as applicable to the said year and the same were covered only by the provisions of section 271AA as amended by the Finance Act, 2012 w.e.f. 01.07.2012. Since the said provisions as amended by the Finance Act, 2012 w.e.f. 01.07.2012 were not retrospective in nature and were applicable from A.Y. 2012-13, we find ourselves in agreement with the ld. CIT(Appeals) that the penalty imposed by the AO by relying on the amended provisions of section 271AA was not sustainable. We accordingly uphold the impugned order of the CIT(Appeals) cancelling the penalty imposed by the Assessing Officer under section 271AA and dismiss this appeal of the Revenue.
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