2023 (4) TMI 696

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... pplied the amended Section 271AA which is effective from the assessment year 2012-13. That apart, for the delay in furnishing an information, the same could be covered under Section 271G of the Act. However, the AO dropped the proposal to impose penalty under Section 271G of the Act. Further, for non-filing of Form-3CEB as per Section 92E of the Act within the due date of filing the return, the As .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... committed substantial error in law by upholding the decision of CIT(A) wherein the CIT(A) was of the view that the amended provision under Section 271AA of the Income Tax Act cannot be applied in the case of the assessee when it is noticed that section 271AA of the Act contains law procedure and the amendment shall therefore be applicable to all pending proceedings as on the date of amendment? .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... transactions and also to furnish incorrect information in the return of income with reference to such international transactions. The said defaults allegedly committed by the assessee for the year under consideration, i.e. A.Y. 2011- 12, however, were not covered by the provisions of section 271AA as applicable to the said year and the same were covered only by the provisions of section 271AA as .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... per the scope of section 271AA of the Act relevant to concerned financial year, the appellant has duly kept and maintained information and documents as required by section 92D(2)(1) of the Act. The AO has wrongly applied amended section 271AA which is effective from AY 2012-13 onwards Delay in furnishing of information is not covered within the scope of section 271AA of the Act. Rather .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... eturn, the Assessing Officer had already levied penalty under Section 271BA of the Act. In the light of the above factual conclusion, we are convinced that the learned Tribunal rightly affirmed the order passed by the CIT(A) and the impugned order does not call for any interference. Accordingly, the appeal (ITAT/230/2022) is dismissed and the substantial question of law is answered against t .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X