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2023 (6) TMI 205 - AT - Income TaxPenalty u/s 271(1)(c) - TP adjustment for US and non US transactions - HELD THAT:- As rightly observed by Commissioner (Appeals), the entire TP adjustment was due to change in filter and comparables by the TPO. There cannot be any doubt that application of filters and selection of comparables are highly debatable issues. Therefore, in respect of additions made on such issues, the assessee cannot be accused of furnishing inaccurate particulars of income or concealing income. Therefore,Commissioner (Appeals) was justified in deleting the penalty imposed in respect of addition made on account of TP adjustment. Disallowance of provision of doubtful debts - On perusing the computation of income filed by the assessee along with return of income, prima facie, we are convinced that the assessee has itself disallowed the amount in dispute while computing its income. In any case of the matter, after the order of the Tribunal, the addition as on date, doesn’t survive. Thus, in our view, learned Commissioner (Appeals) was justified in deleting the penalty imposed under Section 271(1)(c) of the Act. Assessee appeal allowed.
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