https://www.taxtmi.com/caselaws?id=413559 The Appellate Tribunal dismissed the appeal against the deletion of a penalty under section 271G by the Commissioner of Income Tax (Appeals) for the Assessment Year 2012-13. The penalty was imposed on the assessee for failure to provide segmental profitability details related to international transactions with Associated Enterprises, despite transactions being accepted as at Arm's Length. The Tribunal upheld the Commissioner's decision to delete the penalty, emphasizing practical challenges faced by the assessee in furnishing the requested details due to the nature of the business and referencing previous Tribunal decisions supporting similar positions in the diamond industry context. en-us Fri, 01 Oct 2021 00:00:00 +0530 Wed, 13 Oct 2021 17:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413559 The Appellate Tribunal dismissed the appeal against the deletion of a penalty under section 271G by the Commissioner of Income Tax (Appeals) for the Assessment Year 2012-13. The penalty was imposed on the assessee for failure to provide segmental profitability details related to international transactions with Associated Enterprises, despite transactions being accepted as at Arm's Length. The Tribunal upheld the Commissioner's decision to delete the penalty, emphasizing practical challenges faced by the assessee in furnishing the requested details due to the nature of the business and referencing previous Tribunal decisions supporting similar positions in the diamond industry context. Case-Laws Income Tax Fri, 01 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413559