https://www.taxtmi.com/caselaws?id=217254 The Tribunal upheld the decision to cancel the penalty imposed under section 271G of the Income-tax Act, amounting to Rs. 43,16,682, on the assessee for failure to furnish details of an international transaction within the specified time limit. The Commissioner of Income-tax (Appeals) found that the delay in submission was justified due to genuine difficulties faced by the assessee, leading to the cancellation of the penalty. The Tribunal emphasized the need for cautious application of the penalty, especially in cases of technical defaults with reasonable cause for delay, ultimately dismissing the Revenue's appeal. en-us Mon, 07 May 2012 00:00:00 +0530 Tue, 09 Oct 2012 07:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217254 The Tribunal upheld the decision to cancel the penalty imposed under section 271G of the Income-tax Act, amounting to Rs. 43,16,682, on the assessee for failure to furnish details of an international transaction within the specified time limit. The Commissioner of Income-tax (Appeals) found that the delay in submission was justified due to genuine difficulties faced by the assessee, leading to the cancellation of the penalty. The Tribunal emphasized the need for cautious application of the penalty, especially in cases of technical defaults with reasonable cause for delay, ultimately dismissing the Revenue's appeal. Case-Laws Income Tax Mon, 07 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217254