Furnishing of documents and information u/s 92D(3): ITAT Rejects Penalty u/s 271G Following Bombay HC Precedent.

The Income Tax Appellate Tribunal (ITAT) dismissed the Revenue's appeal, ruling that the penalty under section 271G was not applicable. The ITAT based its decision on a precedent set by the Bombay High Court in a case involving Undercarriage and Tractor Parts (P.) Ltd., where the High Court nullified an assessment order. The ITAT noted that the Commissioner of Income Tax (Appeals) had not considered this precedent when allowing the penalty appeal. With no higher court ruling contradicting this decision, the ITAT concluded that the penalty was not enforceable. .....

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