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2016 (3) TMI 729 - AT - Income TaxPenalty u/s 271AA - delay in filing the information u/s.92CD within 30 days - Held that:- TPO has not made upward adjustment of Arms Length price in order u/sec 92CA of the Act and the same was brought on record by the Assessing Officer in the assessment order r u/s.143(3) r.w.s 144(c) of the Act. We are of the opinion that reasons specified by the assessee in not filing the said information u/s.92CD within 30 days looks genuine considering the technicalities of Transfer Pricing as the Auditor has to explain and clarify on international transaction to the Assessing Officer. The factual evidence referred in paper book in respect of marriage of ld. Authorised Representative son’s and the Assessing Officer has rejected the adjournment petition filed stating the reasons which is not a good practice as the Child’s marriage is a very important occasion in parents life time. The assessee company made an application alongwith details of international transaction and filed the information on record with Assessing Officer We considering the apparent facts evidence provisions of law and the genuine grounds for delay in filing the information and also no upward revision of Arms Length Price by the TPO and the supporting decision, direct the Assessing Officer to delete the penalty. - Decided in favour of assessee
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