9911796707
TMI Blog2022 (12) TMI 1275X X X X Extracts X X X X X X X X Extracts X X X X ..... stated to be engaged in providing marketing and other services to Trip Advisor Ltd., The assessee electronically filed its return of income for A.Y 2011-12 on 29.11.2011 declaring total of income at Rs. 62,04,833/-. A.O. has noted that during the year under consideration, assessee had entered into international transactions with its Associate Enterprises (AE's) and the A.O. referred the case to Transfer Pricing Officer (TPO) to determining the Arm's Length Price (ALP) of international transactions. The TPO vide order dated 21.01.2015 recommended an adjustment of Rs. 26,10,163/- u/s. 92CA(3) of the Act. Consequent to the order of the TPO, A.O. in the order passed u/s. 143(3) r.w.s. 144C(3) of the I.T Act 1961 order dated 22.04.2015 determin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tiating penalty proceedings. 3. That on the facts and circumstances of the case and in law, the penalty levied by the AO in respect of the adjustment enhanced by the CIT(A) is bad in law as no satisfaction, which is a sine qua non for initiating penalty, was recorded by the CIT(A). 3.1 That on the facts and circumstances of the case and in law, the AO exceeded his jurisdiction in levying penalty on the quantum of adjustment enhanced by the CIT(A) in respect of which the CIT(A) only had the jurisdiction to initiate and levy penalty. 4. That on the facts and circumstances of the case and in law, the CIT(A) erred in upholding the action of the AO to invoke Explanation 7 to section 271(1)(c) of the Act, alleging that the Appellant had not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... given by Hon'ble ITAT are considered, then there would remain no adjustment on account of transfer pricing issue and in such a situation since the basis of levy of penalty would not survive, therefore penalty would not be leviable. He submitted that the assessee has vide letter dated 05.09.2022 and 07.12.2022 addressed to A.O. had filed the detailed calculation after taking into account the directions of ITAT and submitted that once the directions of Hon'ble Tribunal are carried out, no adjustment would be required. He pointed to the copy of the letter addressed to A.O. dated 05.09.2022 and 07.12.2022 which are placed at page 84 to 90 of the paper book. He pointed to the working given in the table. He further stated that the A.O. has not y ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
