https://www.taxtmi.com/caselaws?id=422712 The Tribunal upheld the CIT(A)'s decision to delete the penalty levied under Section 271G of the Income Tax Act, emphasizing the practical difficulties in the diamond trade and the substantial compliance by the assessee. The Tribunal found the Transfer Pricing Officer's insistence on segmental profit details impractical and concluded that the penalty was not justified. The Revenue's appeal was dismissed. en-us Thu, 19 May 2022 00:00:00 +0530 Fri, 20 May 2022 15:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422712 The Tribunal upheld the CIT(A)'s decision to delete the penalty levied under Section 271G of the Income Tax Act, emphasizing the practical difficulties in the diamond trade and the substantial compliance by the assessee. The Tribunal found the Transfer Pricing Officer's insistence on segmental profit details impractical and concluded that the penalty was not justified. The Revenue's appeal was dismissed. Case-Laws Income Tax Thu, 19 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422712