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of ITAT ruled in favor of the assessee, vacating penalty under section 271AA. The tribunal found prima facie merit in the assessee's plea regarding inapplicability of the statutory provision, noting the section was amended w.e.f. 01.07.2012 while the referenced records predated this amendment. The tribunal emphasized that penalty imposition is not automatic and requires discretionary exercise by the Assessing Officer. The assessee's explanation regarding valuation differences due to insurance and freight on capital goods was deemed plausible. Consequently, the penalty was dropped, recognizing the lack of existing obligations at the time of record preparation and the need for fair, objective statutory discretion.
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