2025 (5) TMI 616

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..... For the Respondent : Ms. Maninder Kaur, Sr. DR And Shri Rajesh Kumar, Sr. DR ORDER PER VIKAS AWASTHY, JM: This appeal by the assessee is directed against the order of Commissioner of Income Tax (Appeals)-34, New Delhi (hereinafter referred to as 'the CIT(A)') dated 24.10.2019, for AY 2015-16, confirming levy of penalty u/s. 271AA of the Income Tax Act, 1961 (hereinafter referred to as .....

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..... (AO) in proceedings u/s. 143(3) of the Act accepting all international transactions. It is pertinent to mention here that no reference was made by the Assessing Officer to Transfer Pricing Officer (TPO) u/s. 92CA of the Act. Once, no addition/adjustment has been made on account international transaction, the penalty u/s. 271AA of the Act is not leviable. In any case, allotment of shares to parent .....

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..... Form 3CEB. It is an undisputed fact that the assessee during the period relevant to assessment year under appeal had allotted shares to its parent company i.e. Sarens NV, Belgium. As per the provisions of section 92D of the Act every person who enters into an international transaction is required to maintain and document information in respect of any transactions as specified under Rule 10D of th .....

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