https://www.taxtmi.com/caselaws?id=418809 The Tribunal upheld the CIT (A)'s decision to delete the penalty under section 271G of The Income-Tax Act, 1961, finding a reasonable cause for the assessee's failure to comply with transfer pricing requirements due to industry-specific challenges in the diamond sector. The Tribunal also dismissed the appeal challenging the applicability of transfer pricing provisions, noting the practical difficulties faced by the assessee in providing detailed information for benchmarking international transactions. This case underscores the importance of maintaining documentation for transfer pricing compliance and demonstrating a reasonable cause for non-compliance to avoid penalties under tax laws. en-us Tue, 22 Feb 2022 00:00:00 +0530 Thu, 24 Feb 2022 09:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418809 The Tribunal upheld the CIT (A)'s decision to delete the penalty under section 271G of The Income-Tax Act, 1961, finding a reasonable cause for the assessee's failure to comply with transfer pricing requirements due to industry-specific challenges in the diamond sector. The Tribunal also dismissed the appeal challenging the applicability of transfer pricing provisions, noting the practical difficulties faced by the assessee in providing detailed information for benchmarking international transactions. This case underscores the importance of maintaining documentation for transfer pricing compliance and demonstrating a reasonable cause for non-compliance to avoid penalties under tax laws. Case-Laws Income Tax Tue, 22 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418809