2014 (1) TMI 286

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....llant prays that the order of the CIT(A) on the above ground be set aside and that of the A.O. be restored.      3. The appellant craves leave to amend or alter any grounds or add a new ground which may be necessary." 2. Assessee-company, engaged in the business of information technology, filed its return of income on 25.10.2007 declaring total income of Rs.10,78,390/-.AO finalized the assessment order u/s.143(3) of the Act on 30.11.2009,determining the total income at Rs.10.78 lakhs. During the course of assessment proceedings AO initiated penalty proceedings u/s. 271G of the Act. After considering the submissions of the assessee AO held that the chartered accountant's report was not obtained, that the provisions ....

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....imposing penalty u/s.271G there should be a specific notice under 92D(3) of the Act, that said notice should specify the information to be produced as prescribed by Rule 10D,that penalty u/s. 271D could be imposed only if an assessee failed to furnish such details. 2.2 Before us, Departmental Representative (DR) relied upon the order of the AO. Authorised Representative (AR) submitted that Penalty u/s. 271AA was leviable for failure to maintain information as required u/s section 92D(1) and (2),that AO had not confronted the assessee on this account, that all information with regard to section 92D(1) had been maintained and the assessee had prepared to produce the same, that AO had failed to give a notice u/s. 92D(3) and has also not spe....