Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (12) TMI 1008 - AT - Income TaxPenalty under section 271AA - assessee failure to furnish the information or documents under section 92D - Held that:- We have seen the order of TPO u/s 92CA(3) dated 28/10/2011 which does not mention that there was any failure on the part of assessee to maintain documents as required under Rule 10D. Though, the order contain the reference that assessee failed to submit the document and Transfer Pricing Report. In part-5 of its report ld. TPO referred that “in view of the fact that these replica transactions of Cadbury India Ltd., where ALP is determined of these very transaction. As such the ALP determined by assessee is not being disturbed”. Further, we have seen that assessee filed Form 3CEB, Royalty Agreements entered into with AE and (copy of which are available at page no.19 to 53 of PB). These documents were furnished by assessee along with assessee’s letter dated 16.11.2011 which was duly acknowledged. The report is duly certified by C.A. that all the documents in respect of International Transaction have been maintained by assessee. Thus as assessee made the sufficient compliance for maintaining the record as required u/s 92D r.w. Rule 10D. We also find from the order of ld. TPO that there was no recommendation for initiating any penalty proceeding u/s 271AA of the Act nor any finding that assessee failed to maintain the record prescribed under Rule 8D. - Decided in favour of assessee
|