https://www.taxtmi.com/caselaws?id=307921 The Tribunal upheld the decision of the ld. CIT(Appeals) and dismissed the Revenue's appeal regarding the penalty imposed under section 271AA for failure to report international transactions and furnish correct information for A.Y. 2011-12. The Tribunal ruled that the penalty was not valid under the amended provisions of section 271AA introduced by the Finance Act, 2012, as these provisions were not retrospective and only applicable from A.Y. 2012-13. Therefore, the penalty imposed by the Assessing Officer was unsustainable for the relevant assessment year. en-us Thu, 22 Nov 2018 00:00:00 +0530 Wed, 17 May 2023 08:44:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307921 The Tribunal upheld the decision of the ld. CIT(Appeals) and dismissed the Revenue's appeal regarding the penalty imposed under section 271AA for failure to report international transactions and furnish correct information for A.Y. 2011-12. The Tribunal ruled that the penalty was not valid under the amended provisions of section 271AA introduced by the Finance Act, 2012, as these provisions were not retrospective and only applicable from A.Y. 2012-13. Therefore, the penalty imposed by the Assessing Officer was unsustainable for the relevant assessment year. Case-Laws Income Tax Thu, 22 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307921