https://www.taxtmi.com/caselaws?id=762876 ITAT Mumbai held that no penalty under section 271G was warranted for alleged breach of section 92D. The assessee furnished entity-level margins despite opportunity to provide segment accounts. The tribunal found no violation of section 92D read with Rule 10(B)(1), noting the TPO made no adjustments during transfer pricing study. Relying on precedent, the tribunal concluded no breach occurred and waived the penalty. Appeal decided against revenue. en-us Mon, 22 Jul 2024 00:00:00 +0530 Fri, 20 Dec 2024 16:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762876 ITAT Mumbai held that no penalty under section 271G was warranted for alleged breach of section 92D. The assessee furnished entity-level margins despite opportunity to provide segment accounts. The tribunal found no violation of section 92D read with Rule 10(B)(1), noting the TPO made no adjustments during transfer pricing study. Relying on precedent, the tribunal concluded no breach occurred and waived the penalty. Appeal decided against revenue. Case-Laws Income Tax Mon, 22 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762876