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2017 (10) TMI 1591 - AT - Income TaxPenalty u/s 271G - failure to comply with specific requisition made u/s 92D (3) - HELD THAT:- As mentioned hereinbefore the AO in his assessment order dated 27.12.2012 has accepted the income declared by the assessee at ₹ 24,35,23,345/-. We also find that neither the TPO nor the AO has issued notice u/s 92D(3) to the assessee. The Co-ordinate Bench in Netsoft India Ltd. [2014 (1) TMI 286 - ITAT MUMBAI] has held that penalty u/s 271G, for failures to furnish information u/s 92D, cannot be imposed unless notice is issued specifying information to be produced by person entering into an international transaction. In the instant case, we find that that no notice u/s 92D (3) has been issued by the TPO/AO. Respectfully following the judgment of Leroy Somer & Controls (India) (P) Ltd [2013 (9) TMI 761 - DELHI HIGH COURT] and the order of the Co-ordinate Bench in Netsoft India Ltd. (supra), we delete the penalty imposed by the AO u/s 271G. - Decided in favour of assessee.
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