Reclassification, differential duty, confiscation and penalties quashed where department lacked chemical evidence and improperly reopened past clearan...
Anticipatory bail refused where accused allegedly assaulted and threatened a public servant; custodial interrogation deemed necessary for investigatio...
ITAT dismissed the Revenue's appeal and upheld the CIT(A)'s deletion of the penalty levied on the assessee under s.271G. The Tribunal held that Rule 10D prescribes thirteen categories of documents to be maintained for international and specified domestic transactions, and an AO initiating penalty proceedings under s.271G must specify which particular document(s) under Rule 10D were not maintained. The penalty order, prepared by the TPO, instead penalised the assessee for failure to benchmark transactions, which does not constitute non-maintenance of documents under s.271G. Consequently, the penalty was untenable and properly deleted.
ITAT dismissed the Revenue's appeal and upheld the CIT(A)'s deletion of the penalty levied on the assessee under s.271G. The Tribunal held that Rule 10D prescribes thirteen categories of documents to be maintained for international and specified domestic transactions, and an AO initiating penalty proceedings under s.271G must specify which particular document(s) under Rule 10D were not maintained. The penalty order, prepared by the TPO, instead penalised the assessee for failure to benchmark transactions, which does not constitute non-maintenance of documents under s.271G. Consequently, the penalty was untenable and properly deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
