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TMI Blog2022 (8) TMI 900X X X X Extracts X X X X X X X X Extracts X X X X ..... y the assessee related to claim under Section 80IA - penalty order under Section 271G has stated that the assessee has not filed revised form No.3CEB online. This amounts to admitting that the assessee has physically filed revised Form No.3ECB on 18.03.2016 which cannot be stated as non-furnishing of the relevant documents or non-reporting of transaction of Specified Domestic Transaction. Reliance of the Ld. AR upon the decision of Bumi Hiway [ 2014 (9) TMI 321 - DELHI HIGH COURT ] is very apt in the present assessee s case wherein it is held that where the Transfer Pricing Officer had asked for specific details and documents so these requirements were fully complied with by the assessee company, penalty under Section 271G could not be i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,21,39,680/- under the normal provisions of Income Tax Act, 1961 and income under Section 115JB of the Act remained unchanged. Since the issue involved in assessee s case was related to International Taxation and Specified Domestic Transaction which are under Section 92CA of the Act, the matter was recalled to Transfer Pricing Officer for determining Arm s Length Price (ALP) of such transaction. There is an observation by the Assessing Officer that the assessee revised its return of income due to Specified Domestic Transaction but did not file the revised Specified Domestic Transaction in Form No.3CEB. Accordingly, the assessee was provided the opportunity to explain as to why penalty proceedings under Section 271G should not be initiated f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . AR relied upon the decision of Hon ble Delhi High Court in the case of CIT vs. Bumi Hiway (I) (P.) Ltd. (2014) 51 taxmann.com 572 (Delhi) and CIT vs. Leroy Somer Controls (India) Private Limited (2014) 360 ITR 532 (Delhi) wherein it is held that where the Assessing Officer in his order under Section 271G had not mentioned which document or information was required by a notice under Section 92D(3) and was not furnished by the assessee within a period of thirty days or the extended period, penalty imposed under Section 271G is unsustainable. 7. We have heard both the parties and perused all the relevant material available on record. It is pertinent to note that the revised Form No.3CEB dated 18.03.2016 was filed by the assessee related ..... X X X X Extracts X X X X X X X X Extracts X X X X
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