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2015 (3) TMI 237 - AT - Income TaxDeletion of penalty levied under section 271AA - transfer pricing adjustment disallowance - Non maintenance and furnishment of the required documentation in accordance with section 92B r/w rule 10D - Held that:- it is an admitted fact that the assessee has filed its audit report in Form no.3CEB, highlighting the international transaction and has also done the bench marking of the arm’s length price in relation to the transaction undertaken with the A.E. and how such bench marking has been done after following the most appropriate method. The assessee had submitted its transfer pricing documentation vide letter dated 30th July 2010, before the Assessing Officer as well as before the Transfer Pricing Officer. The statement explaining the self–adjustments done by the company was also furnished which has been reproduced by the Transfer Pricing Officer in his order. The assessee has also complied with all the notices sent by the Transfer Pricing Officer which is evident from the Transfer Pricing Officer’s order where it is mentioned that the assessee has attended from time–to–time in respect to the notice and also submitted clarification and documents. The learned Commissioner (Appeals) has also examined the requirement of each and every clauses of rule 10D, and has come to the conclusion that clause by clause documentation required under rule 10D, has been made by the assessee not only in its transfer pricing study report but also in the documents filed before the Transfer Pricing Officer. Thus, we do not find any infirmity in such an order of the learned Commissioner (Appeals) - Decided against Revenue.
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