https://www.taxtmi.com/highlights?id=72785 Penalty u/s 271AA - failure to make disclosures, as required u/s 92E - as to whether SPMCECL was a related party is an issue qua which there can possibly be more than one view. Assessee has taken a stand that the legal advice that it received seems to indicate that it was not a related party. CIT(A) has done its own analysis of the Chinese Law and concluded that it was a related party to the transaction and hence required disclosure. - No penalty being reasonable cause shown - HC en-us Sat, 28 Oct 2023 16:55:23 +0530 Sat, 28 Oct 2023 16:55:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=72785 Penalty u/s 271AA - failure to make disclosures, as required u/s 92E - as to whether SPMCECL was a related party is an issue qua which there can possibly be more than one view. Assessee has taken a stand that the legal advice that it received seems to indicate that it was not a related party. CIT(A) has done its own analysis of the Chinese Law and concluded that it was a related party to the transaction and hence required disclosure. - No penalty being reasonable cause shown - HC Highlights Income Tax Sat, 28 Oct 2023 16:55:23 +0530 https://www.taxtmi.com/highlights?id=72785