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2011 (10) TMI 482 - ITAT CHENNAIPenalty u/s 271AA - Transfer Pricing - no adjustment to ALP - penalty initiated on ground that that assessee had not maintained documents as required under Rule 10D of Income-tax Rules, 1962 - Held that:- On perusal of documents and records submitted by assessee we observe that assessee had substantially complied with the requirement of Rule 10D. If there was any failure on any particular item, the TPO and the AO were bound to point it out specifically before levying of penalty. By forming a general opinion that the assessee had not maintained required documents as required under Rule 10D, penalty could not have been levied. Assessee had furnished required documents and information. Inadequacy of any document for meeting requirement of Rule 10D has not been pointed out by any of the authorities below. Further, based on such documentation, the TPO had himself come to a conclusion that there was no requirement of any revision of value of the international transactions. CIT(A) rightly deleted the penalty - Decided in favor of assessee.
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