https://www.taxtmi.com/caselaws?id=375273 The tribunal upheld the deletion of the penalty under section 271AA of the Income Tax Act, 1961, in a case where the appellant failed to maintain adequate documentation for international transactions. The tribunal found that the documentation provided by the assessee during assessment proceedings was sufficient, leading to the acceptance of the returned income under section 143(3) of the Act. As a result, the tribunal dismissed the revenue's appeal, emphasizing the adequacy of documentation and compliance with statutory requirements for international transactions. en-us Thu, 14 Feb 2019 00:00:00 +0530 Sat, 16 Feb 2019 06:31:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375273 The tribunal upheld the deletion of the penalty under section 271AA of the Income Tax Act, 1961, in a case where the appellant failed to maintain adequate documentation for international transactions. The tribunal found that the documentation provided by the assessee during assessment proceedings was sufficient, leading to the acceptance of the returned income under section 143(3) of the Act. As a result, the tribunal dismissed the revenue's appeal, emphasizing the adequacy of documentation and compliance with statutory requirements for international transactions. Case-Laws Income Tax Thu, 14 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375273