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TMI Blog2016 (3) TMI 729X X X X Extracts X X X X X X X X Extracts X X X X ..... evidence referred in paper book in respect of marriage of ld. Authorised Representative son’s and the Assessing Officer has rejected the adjournment petition filed stating the reasons which is not a good practice as the Child’s marriage is a very important occasion in parents life time. The assessee company made an application alongwith details of international transaction and filed the information on record with Assessing Officer We considering the apparent facts evidence provisions of law and the genuine grounds for delay in filing the information and also no upward revision of Arms Length Price by the TPO and the supporting decision, direct the Assessing Officer to delete the penalty. - Decided in favour of assessee - I.T.A.No. 538/M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 days from date of receipt of notice but subsequently levied penalty under provisions of Sec.271AA of the Act at 2% of value of international transaction demanded at ?34.58 lakhs. Aggrieved by the order of the Assessing Officer, the assessee assailed an appeal before the Commissioner of Income Tax (Appeals). 4. In the appellate proceedings, the ld. Authorised Representative submitted that delay was reasonable and there is sufficient cause. The Assessing Officer has overlooked circumstances and levied penalty. The delay was not wonton and was due to non availability of ld. Authorised Representative busy in performing his son s marriage and assessee company could file details called for u/s.92D(1) of the Act only on 17.03.2014. As per the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion to the page 3 and 4 of paper book where the ld. Authorised Representative son s marriage invitation card on 12.03.2014 was furnished and letter filed before Assessing Officer on 13.03.2014 requesting time till 19.03.2014 and same was rejected. In compliance to the show cause notice dated 10.03.2014, In penalty proceedings the assessee submitted that the returned income was efiled and Attachments are not allowed, due to which details maintained u/s.92D (1) of the Act relating to International transactions could not be filed and also personal inconvenience of ld. Authorised Representative because of son s marriage arrangements. The assessee has filed details of international transaction u/sec.92D(1) of the Act and prayed for condonation o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ransaction) entered into by such person. Sec.271G. If any person who has entered into an international transaction (or specified domestic transaction) fails to furnish any such information or document as required by sub-section (3) of Section 92D, the Assessing Officer [or the Transfer Pricing Officer as referred to in section 92CA) or the Commissioner (Appeals) may direct that such person shall pay, by way of penalty, a sum equal to two per cent of the value of the international transaction (or specififed domestic transaction) for each such failure] The ld. Authorised Representative vehemently argued that the provisions of Sec.271AA of the Act does not apply and Assessing Officer has wrongly initiated penalty proceedings. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment order u/s.143(3) r.w.s 92CA(3) of the Act dt 12.03.2015. The assessee has entered international transactions and Reported in Form 3CEB at Arm s length Price and there is no modification in the ALP adopted by the assessee as per TPO order u/sec. 92A(3) dated 07.01.2015. The assessee in response to notice could not file the details of international transactions within a period of 30 days and adjournment letter was filed by the assessee for time as the auditor of the company was busy in arrangements of his Son s marriage but subsequently by letter dated 17.02.2014 furnished information of international transactions. But the ld. Assessing Officer on the ground that the assessee has not made any application for extension of time with 30 day ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e reasons which is not a good practice as the Child s marriage is a very important occasion in parents life time. The assessee company made an application alongwith details of international transaction and filed the information on record with Assessing Officer. The ld. Authorised Representative relied on Co-ordinate Bench decision of PPN Power Generating Co. (P) Ltd in ITA No.774/Mds/2007, were held where TPO had not recommended any revision to the value of international transactions on the basis of supporting documents penalty cannot be levied. We considering the apparent facts evidence provisions of law and the genuine grounds for delay in filing the information and also no upward revision of Arms Length Price by the TPO and the supportin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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