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2016 (3) TMI 729 - ITAT CHENNAI

2016 (3) TMI 729 - ITAT CHENNAI - TMI - Penalty 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 technicalit .....

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nsaction 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 - I.T.A.No. 538/Mds/2015 - Dated:- 5-2-2016 - SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI G. PAVAN KUMAR, JUDICIAL MEMBER .....

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irming the penalty and relied on findings of the Assessing Officer for delay in submission of information without considering the genuine reasons and assessee has filed details before Transfer Pricing Officer (TPO) and ALP was confirmed to be fair and correct. 3. The Brief facts of the case the assessee is in the business of textile garments including overseas transactions and the Assessing Officer called for the details of international transaction u/s.92D of the Act. In the course of assessmen .....

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ction demanded at ?34.58 lakhs. Aggrieved by the order of the Assessing Officer, the assessee assailed an appeal before the Commissioner of Income Tax (Appeals). 4. In the appellate proceedings, the ld. Authorised Representative submitted that delay was reasonable and there is sufficient cause. The Assessing Officer has overlooked circumstances and levied penalty. The delay was not wonton and was due to non availability of ld. Authorised Representative busy in performing his son s marriage and a .....

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l inconvenience of the ld. Authorised Representative. But the ld. Commissioner of Income Tax (Appeals) held that information called for by notice dated 06.02.2014 and the assessee has made an application for extension after expiry of 30days and there is no justification in furnishing information after said period and confirmed the order of the Assessing Officer. Aggrieved by the order of the Commissioner of Income Tax (Appeals) the assessee filed an appeal before the Tribunal. 5. Before the Trib .....

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ative has not serious objection and was admitted. The ld. Authorised Representative drew attention to the page 3 and 4 of paper book where the ld. Authorised Representative son s marriage invitation card on 12.03.2014 was furnished and letter filed before Assessing Officer on 13.03.2014 requesting time till 19.03.2014 and same was rejected. In compliance to the show cause notice dated 10.03.2014, In penalty proceedings the assessee submitted that the returned income was efiled and Attachments ar .....

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t was issued by ld.TPO, Ward 1(1) to furnish the details of documents and information as per the questionnaire and assessee Authorised Representative appeared and furnished information to ld. TPO on 27.09.2014 in Transfer Pricing Proceedings. The ld. Authorised Representative argued the additional ground that penalty provisions u/s. Sec.271AA are leviable only when there is failure to maintain information and documents and report of certain transaction but assessee has maintained details called .....

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tion which he is required to do so; or (iii) Maintains or furnished an incorrect information or document, The Assessing Officer or Commissioner (Appeals) may direct that such person shall pay, by way of penalty, a sum equal to two per cent of the value of each international transaction (or specified domestic transaction) entered into by such person. Sec.271G. If any person who has entered into an international transaction (or specified domestic transaction) fails to furnish any such information .....

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has wrongly initiated penalty proceedings. Assessee has complied to the directions of the ld.TPO referred at Page No.2 in transfer pricing proceedings order u/s.92CA of Income Tax Act dated 7.1.2015. Where there is a reference of notice u/s.92A(2) and assessee has complied the notice by filing details on 27.09.2014. Without prejudice to the applicability of the provisions and the circumstances evidencing that the ld. Authorised Representative was busy in arrangements of his son s marriage, the .....

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sentative relied on the order of the Assessing Officer and the findings of the Commissioner of Income Tax (Appeals) and supported his arguments that penalty shall be exercisable u/s.271AA of the Act and prayed for dismissal of appeal. 7. We heard the rival submissions of both the parties and perused the material on record and judicial decisions cited. The fact that the assessee company is covered under TPO provisions and the Assessing Officer referred the matter to the ld.TPO and based on ld. TP .....

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itor of the company was busy in arrangements of his Son s marriage but subsequently by letter dated 17.02.2014 furnished information of international transactions. But the ld. Assessing Officer on the ground that the assessee has not made any application for extension of time with 30 days nor filed any details and levied penalty u/s.271AA of the act. We on perusing order u/s.92CA dated 07.01.2015 passed by TPO at page no.10 of paper book at para 2, the TPO observed as under:- 2. Accordingly, a n .....

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