https://www.taxtmi.com/caselaws?id=374428 The judicial member upheld the CIT(A)'s decision to cancel the penalty imposed by the AO under section 271AA of the Income Tax Act, 1961. It was determined that the penalty was not justified as the assessee's actions did not warrant penalty imposition based on the provisions of section 271AA and section 92D. The member emphasized that the penalty could only be imposed if the assessee failed to maintain necessary information on international transactions, and the AO's reliance on certain grounds for penalty imposition was deemed invalid. Both the Revenue's appeal and the assessee's cross-objection were dismissed, with the decision announced on 30.01.2019. en-us Wed, 30 Jan 2019 00:00:00 +0530 Fri, 01 Feb 2019 07:30:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374428 The judicial member upheld the CIT(A)'s decision to cancel the penalty imposed by the AO under section 271AA of the Income Tax Act, 1961. It was determined that the penalty was not justified as the assessee's actions did not warrant penalty imposition based on the provisions of section 271AA and section 92D. The member emphasized that the penalty could only be imposed if the assessee failed to maintain necessary information on international transactions, and the AO's reliance on certain grounds for penalty imposition was deemed invalid. Both the Revenue's appeal and the assessee's cross-objection were dismissed, with the decision announced on 30.01.2019. Case-Laws Income Tax Wed, 30 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374428