https://www.taxtmi.com/caselaws?id=326833 The Appellate Tribunal upheld the CIT(A)'s decision to delete a penalty imposed under Section 271AA of the Income Tax Act, finding that the assessee had updated comparables before the return filing deadline, provided relevant information to the Transfer Pricing Officer, and demonstrated compliance with Rule 10D requirements. The Tribunal rejected the revenue's appeal, emphasizing the adequacy of the comparables used by the assessee and dismissing the need for an upward adjustment in the Arm's Length Price. en-us Wed, 24 Feb 2016 00:00:00 +0530 Tue, 26 Apr 2016 10:27:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326833 The Appellate Tribunal upheld the CIT(A)'s decision to delete a penalty imposed under Section 271AA of the Income Tax Act, finding that the assessee had updated comparables before the return filing deadline, provided relevant information to the Transfer Pricing Officer, and demonstrated compliance with Rule 10D requirements. The Tribunal rejected the revenue's appeal, emphasizing the adequacy of the comparables used by the assessee and dismissing the need for an upward adjustment in the Arm's Length Price. Case-Laws Income Tax Wed, 24 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326833