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TMI Blog2019 (2) TMI 900X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs. 20,94,321/-. II. That the appellant craves leave to add, amend or modify grounds of appeal at any time. Relief claimed in appeal: As per grounds of appeal and the order passed by Ld.CIT(A)-XX, New Delhi be quashed." 2. Brief facts of case are as under: It has been submitted that assessee is a joint venture between M/s. B.Seenaiah & Co. Projects Ltd., and M/s. C&C Constructions Pvt. Ltd. For year under consideration. Assessee filed its return of income on 29/09/2011, declaring total income of Rs.136,53,34,780/-. Vide order dated 31/03/2014 Ld.AO passed order under section 143(3) of the Income Tax Act, 1961 (the Act) and assessee's income was assessed at returned income filed. 2.1. Thereafter vide order dated 29/09/2014 Ld. A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entered into by assessee with its AE during year under consideration. He therefore submitted that Ld.A.O.'s action of levy of penalty under section 271AA is beyond jurisdiction and bad in law insofar as no specific direction/reference was made to initiate penalty proceedings under said section in assessment order passed under section 143(3) of the Act for aforesaid transaction. It has also been submitted that international transaction entered into by assessee was considered to be at arm's length and no adjustment was made by Ld.AO and, therefore, there was no basis for levying penalty under section 271 AA of the Act. 4. We have perused submissions advanced by both sides in light of records placed before us. 4.1. Ld.CIT(A) deleted penalty ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rned income under section 143(3) of the Act. I have also taken into account judicial rulings cited by the appellant during the appellate proceedings. I have also taken into account the fact that in the penalty orders passed by the AO, there is nothing to suggest as to which particular information or document was not submitted by the assessee and what impact did it created which adversely affected in finalising the assessment proceedings. In view of the facts and circumstances of the case, I don't find it a fit case for levying of penalty u/s 271AA of the Act. Accordingly, penalty levied u/s 271AA is deleted. Appellant's ground of appeal is allowed." 4.2. From the above, it is observed that assessee failed to file Form 3 CEB within prescri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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