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2018 (8) TMI 1778 - ITAT MUMBAIPenalty levied u/s 271G - assessee has only furnished the entity level margins, which consists of overall profits on AE and significant non-AE transactions and not the profit of international transaction as per Transactional Net Margin Method (TNMM) adopted by the assessee - HELD THAT:- As decided in M/S D. NAVINCHANDRA GEMS PVT. LTD., M/S AKSHAR IMPEX PVT. LTD. AND M/S DHANERA DIAMONDS [2017 (11) TMI 1307 - ITAT MUMBAI] the assessee had substantially complied with the directions of the TPO and placed on his record the requisite information, to the extent the same was practically possible in light of the very nature of its trade. We though are not oblivious of the fact that the assessee may not have effected absolute compliance to the directions of the TPO and furnished all the requisite details as were called for by him on account of practical difficulties as had been deliberated by us at length hereinabove, but however, in the backdrop of our aforesaid observations, we are of the considered view that the failure to the said extent on the part of the assessee to comply with the directions of the TPO can safely be held to be backed by a reasonable cause, which thus would bring the case of the assessee with the sweep of Sec. 273B of the ‘Act’. - Decided against revenue
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