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2014 (9) TMI 321 - HC - Income Tax


Issues: Appeal against deletion of penalty under Section 271G of the Income Tax Act, 1961 by the Income Tax Appellate Tribunal.

Analysis:
1. The appeal challenges the Tribunal's order upholding the deletion of a penalty imposed under Section 271G of the Income Tax Act. The Tribunal noted that the required documents were submitted as per the Transfer Pricing Officer's acceptance, and no adverse conclusions were drawn regarding international transactions by the respondent assessee.

2. The main issue raised was the alleged delay in submitting the documents. The Assessing Officer imposed the penalty based on the recommendation of the Transfer Pricing Officer, stating that the documents were filed beyond the allowed time under Section 92D(3) of the Act.

3. The Assessing Officer rejected the assessee's contention that the documents were filed within the prescribed time. The penalty was imposed, citing a deliberate default by the assessee. However, the penalty order lacked specific details on the timeline of document submission, leading to a lack of application of mind.

4. The Commissioner of Income Tax (Appeals) overturned the penalty after considering that the requested documents were furnished within the specified time frame by the Transfer Pricing Officer.

5. The High Court dismissed the appeal, noting that the Revenue failed to provide essential details regarding the notice issued by the Assessing Officer and the compliance timeline. The court highlighted that the penalty order lacked discussions on the specifics of document submissions, leading to the dismissal of the appeal.

6. The judgment emphasized the importance of recording specific details related to document submission timelines and compliance in penalty orders under Section 271G. The lack of clarity in the penalty order and the absence of essential information led to the dismissal of the appeal without costs.

 

 

 

 

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