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TMI Blog2024 (7) TMI 1226X X X X Extracts X X X X X X X X Extracts X X X X ..... (the Act) dated 1st March, 2021, levied by transfer pricing officer, ward 1(1)(1), Mumbai (the learned Assessing Officer) of Rs. 4,32,65,819/-, was deleted. 02. The learned Assessing Officer is aggrieved and is in appeal before us. The following grounds of appeal are raised: - "1. "Whether, on the facts and circumstances of the case and as per law, the Ld. CIT(A) is justified in deleting the penalty when the requisite information and supporting documentation which was mandatorily to be provided by the assessee as obligatory compliance of the Rules has been violated even though the reasonable cause has not been established to invoke section 273B of the IT Act and when the Transfer Pricing Study Report submitted by assessee was nothing but ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... December 2019, making the above adjustment as addition to the total income. The assessee filed an objection before the learned Dispute Resolution Panel-1, Mumbai. The directions were issued on 23rd March, 2021, where certain directions were given to learned Assessing Officer / Transfer Pricing Officer. Based on the above directions, the adjustments was revised to Rs. 4,16,58,367/-. The assessment order was passed under Section 143(3) read with section 144C (13) of the Act on 24th April, 2021, determining the total income of the assessee at Rs. 4,26,97,870/-. 04. During the course of TP assessment, the learned transfer pricing officer asked the assessee on 22nd November, 2018, to furnish the transfer study report and annual accounts of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eleted by ITAT requirement of maintenance of documents and consequent penalty for non-maintenance of such documents could not have been deleted. 07. Despite notice, none appeared before us. Therefore, the appeal is decided on the merits of the case as per availability of information on record. 08. We have carefully considered the rival contentions and perused the orders of the lower authorities. In this case, the penalty is levied on the assessee under Section 271G of the Act for non-maintenance of documents for specified domestic transaction of purchase and sale to associated enterprises. The adjustment of transfer pricing was made with respect to the specified domestic transactions covered under Section 92BA(1) of the Act. The co-ordina ..... X X X X Extracts X X X X X X X X Extracts X X X X
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