2017 (8) TMI 1556 - HC - Income Tax

Penalty u/s 271(1)(c) - inaccurate particulars of income with respect to the transfer pricing (TP) adjustment - HELD THAT - Penalty deleted confirmed by this court in 2017 (4) TMI 1454 - DELHI HIGH COURT . Every step the assessee has been able to demonstrate that the notwithstanding the addition accepted by way of an estimate the claim that the arms length price has been computed in accordance with the provisions of section 92C of the Act stands unrebutted on record. The mere fact that addition has been partially sustained by itself in the facts and circumstances of the present case does not warrant the penal action. - Decided in favour of assessee

Summary

The High Court of Delhi dismissed the appeal regarding the penalty for Assessment Year 2007-08, as the penalty for Assessment Year 2006-07 had been deleted earlier. No substantial question of law arose for the current year. The appeal was dismissed.