https://www.taxtmi.com/caselaws?id=306218 The Tribunal remanded the penalty imposed under sections 271AA and 271BA for the assessment year 2011-12 back to the Assessing Officer. The penalty was challenged by the assessee, who denied engaging in international transactions with its Associated Enterprises. As compliance with transfer pricing provisions is dependent on the existence of such transactions, the Tribunal emphasized that the penalty decision should await the outcome of the DRP's decision on the quantum proceedings. The appeals were allowed for statistical purposes, and the penalty issue was remanded for further review. en-us Fri, 04 Dec 2020 00:00:00 +0530 Tue, 17 Jan 2023 20:53:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306218 The Tribunal remanded the penalty imposed under sections 271AA and 271BA for the assessment year 2011-12 back to the Assessing Officer. The penalty was challenged by the assessee, who denied engaging in international transactions with its Associated Enterprises. As compliance with transfer pricing provisions is dependent on the existence of such transactions, the Tribunal emphasized that the penalty decision should await the outcome of the DRP's decision on the quantum proceedings. The appeals were allowed for statistical purposes, and the penalty issue was remanded for further review. Case-Laws Income Tax Fri, 04 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306218