9911796707
TMI Blog2018 (11) TMI 1935X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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 amended by the Finance Act, 2012 w.e.f. 01.07.2012. Since the said provisions as amended by the Finance Act, 2012 w.e.f. 01.07.2012 were not retrospective in nature and were applicable from A.Y. 2012-13, we find ourselves in agreement with the ld. CIT(Appeals) that the penalty imposed by the AO by relying on the amended provisions of section 271AA was not sustainable. We accordingly uphold the impugned order of the CIT(Appeals) cancelling the penalty imposed by the Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... awn up on 28.11.2011. On the basis of the information contained in the said report, the Assessing Officer held that the assessee had failed to report the international transactions with its Associated Enterprises and had also furnished incorrect information in the return of income with reference to the said transactions. He accordingly invoked the provisions of section 271AA and imposed a penalty of Rs. 8,68,77,800/- being 2% of the value of international transactions of the assessee-company with its Associated Enterprises. 3. The penalty imposed by the Assessing Officer under section 271AA was challenged by the assessee in the appeal filed before the ld. CIT(Appeals) and after considering the submissions made on behalf of the assessee-c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mation and document as required by sub-section (1) or sub-section (2) of section 92D; (ii) fails to report such transaction which he is required to do so; or (iii) maintains or furnishes an incorrect information or document, the Assessing Officer or Commissioner (Appeals) may direct that such person shall pay, by way of penalty, a sum equal to two per cent of the value of each international transaction entered into by such person . 5. A perusal of the penalty order passed by the Assessing Officer in the present case shows that the penalty under section 271AA was imposed by the Assessing Officer in the case of the assessee for A.Y. 201112 for the failure of the assessee to report the international transactions and also to furnish in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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