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2020 (7) TMI 493 - AT - Income TaxPenalty u/s 271AA and 271BA - TP adjustment - Failure to provide or maintain specific Information / Documents - relationship between the assessee and the KEPL AND alleged international transaction between them - HELD THAT:- In quantum appeals before the Tribunal in [2020 (3) TMI 413 - ITAT MUMBAI] the Tribunal held that the assessee and KEPL Singapore is not associated enterprises (AE). It was held that no arms length price adjustment could be made on the transaction between assessee and KEPL. As the assessee is not associated enterprises of KEPTL for the year under consideration, we are of the view that when the very basis of the foundation of impugned penalties has been set aside, thus, the penalty order would also not survive, therefore we direct the assessing officer to delete the penalty under section 271AA and 271BA, levied - Decided in favour of assessee.
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