https://www.taxtmi.com/caselaws?id=445020 Penalty under Section 271AA was found unsustainable where the assessee's failure to report and maintain documentation for transactions with a foreign supplier arose from a debatable question whether the counterparty was a related party. The Tribunal accepted the assessee's explanation and the surrounding factual matrix, including the earlier finding that the purchase transaction was at arm's length, and the Court endorsed that approach. Section 273B was applied to recognise reasonable cause for the alleged non-compliance, so the penalty could not be imposed on those facts. en-us Tue, 12 Sep 2023 00:00:00 +0530 Sat, 28 Oct 2023 16:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445020 Penalty under Section 271AA was found unsustainable where the assessee's failure to report and maintain documentation for transactions with a foreign supplier arose from a debatable question whether the counterparty was a related party. The Tribunal accepted the assessee's explanation and the surrounding factual matrix, including the earlier finding that the purchase transaction was at arm's length, and the Court endorsed that approach. Section 273B was applied to recognise reasonable cause for the alleged non-compliance, so the penalty could not be imposed on those facts. Case-Laws Income Tax Tue, 12 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445020