Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2011 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (12) TMI 224 - AT - Income TaxPenalty u/s 271G - business of software development and export alleged failure to furnish information/document u/s 92D for determining ALP assessee inability to furnish invoices, price quotation, ownership etc., of other companies as such information was not in public domain Held that:- When the Assessee had furnished all the particulars on the basis of which the AO could come to the conclusion regarding the ALP in the case of the international transaction and hence the additional particulars required which were not available with the Assessee for the reason that such information was not in public domain were not really necessary and further the Assessee cause for not filing the requisite particulars within the time permitted. Sec 273B provides that no penalty can be levied u/s 271G if there was a reasonable cause for the failure. Penalty levied is deleted - Decided in favor of assessee.
|