https://www.taxtmi.com/caselaws?id=386806 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under Section 271G of the Income Tax Act, amounting to Rs. 12.79 Crores for the Assessment Year 2011-12. The revenue's appeal was dismissed, emphasizing the need for reasonable compliance with Transfer Pricing documentation requirements, particularly in the diamond industry due to challenges in maintaining detailed segmental profitability records. The Tribunal cited judicial precedents supporting penalty deletion in similar cases, highlighting the importance of cautious application of severe penalties based on justified circumstances. en-us Thu, 03 Oct 2019 00:00:00 +0530 Tue, 08 Oct 2019 11:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386806 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under Section 271G of the Income Tax Act, amounting to Rs. 12.79 Crores for the Assessment Year 2011-12. The revenue's appeal was dismissed, emphasizing the need for reasonable compliance with Transfer Pricing documentation requirements, particularly in the diamond industry due to challenges in maintaining detailed segmental profitability records. The Tribunal cited judicial precedents supporting penalty deletion in similar cases, highlighting the importance of cautious application of severe penalties based on justified circumstances. Case-Laws Income Tax Thu, 03 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386806