https://www.taxtmi.com/caselaws?id=432158 The Tribunal allowed the appeal of the Assessee, pronouncing the order on 26.12.2022. It held that there was no justification for imposing a penalty under section 271(1)(c) as the Tribunal's directions would eliminate the basis for transfer pricing adjustments. Therefore, the penalty imposed by the AO was deleted. The decision emphasized the importance of adhering to legal procedures and ensuring penalties are imposed on valid grounds with evidence and compliance with statutory requirements. en-us Mon, 26 Dec 2022 00:00:00 +0530 Wed, 28 Dec 2022 10:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432158 The Tribunal allowed the appeal of the Assessee, pronouncing the order on 26.12.2022. It held that there was no justification for imposing a penalty under section 271(1)(c) as the Tribunal's directions would eliminate the basis for transfer pricing adjustments. Therefore, the penalty imposed by the AO was deleted. The decision emphasized the importance of adhering to legal procedures and ensuring penalties are imposed on valid grounds with evidence and compliance with statutory requirements. Case-Laws Income Tax Mon, 26 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432158