https://www.taxtmi.com/caselaws?id=763127 The ITAT Ahmedabad dismissed the department's appeal regarding penalty under section 271AAA for non-maintenance of transfer pricing documents. The assessee had transactions only with a domestic associated enterprise, not international transactions as incorrectly assumed by authorities. The TPO made no transfer pricing adjustments. The CIT(A) correctly noted the absence of international transactions, as the assessee purchased from a domestic company, not a foreign enterprise as alleged. Section 40(A)(2)(b) provisions were omitted by Finance Act 2017, making specified domestic transaction provisions inapplicable. The AO failed to establish grounds for penalty imposition. en-us Wed, 11 Dec 2024 00:00:00 +0530 Thu, 12 Dec 2024 13:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763127 The ITAT Ahmedabad dismissed the department's appeal regarding penalty under section 271AAA for non-maintenance of transfer pricing documents. The assessee had transactions only with a domestic associated enterprise, not international transactions as incorrectly assumed by authorities. The TPO made no transfer pricing adjustments. The CIT(A) correctly noted the absence of international transactions, as the assessee purchased from a domestic company, not a foreign enterprise as alleged. Section 40(A)(2)(b) provisions were omitted by Finance Act 2017, making specified domestic transaction provisions inapplicable. The AO failed to establish grounds for penalty imposition. Case-Laws Income Tax Wed, 11 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763127