TaxTMI 
TaxTMI 
2016 (3) TMI 729
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....come Tax Act, 1961 (herein after referred to as 'the Act'). 2. The assessee has raised the grounds that the ld.CIT(A) has erred in confirming the penalty and relied on findings of the Assessing Officer for delay in submission of information without considering the genuine reasons and assessee has filed details before Transfer Pricing Officer (TPO) and ALP was confirmed to be fair and correct. 3. The Brief facts of the case the assessee is in the business of textile garments including overseas transactions and the Assessing Officer called for the details of international transaction u/s.92D of the Act. In the course of assessment proceedings particulars were filed with a delay of four days as the ld. Authorised Representative could not....
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....d that information called for by notice dated 06.02.2014 and the assessee has made an application for extension after expiry of 30days and there is no justification in furnishing information after said period and confirmed the order of the Assessing Officer. Aggrieved by the order of the Commissioner of Income Tax (Appeals) the assessee filed an appeal before the Tribunal. 5. Before the Tribunal, the ld. Authorised Representative has reiterated his submissions made before the Assessing Officer and appellate authority and substantiated his grounds. Further raised additional ground that the provisions of Sec.271AA of the Act is not invocable to the facts and circumstances of the assessee case and next ground that the matter was referred to....
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....able only when there is failure to maintain information and documents and report of certain transaction but assessee has maintained details called u/s.92D(1) of the Act. Whereas provisions of Sec. 271G shall apply to failure to furnish documents. And on comparing the provisions of Secs.271AA and 271G of the Act. Sec 271AA. Without prejudice to the provisions of Sec 271 or section 271BA, if any person in respect of an international transaction [or specified domestic transaction] (i) Fails to keep and maintain any such information and document as required by sub-section (1) or sub-section (2) of Section 92D. (ii) Fails to report such transaction which he is required to do so; or (iii) Maintains or furnished....
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.... in transfer pricing proceedings. If penalty has to be leviable it should be under Sec.271G of the Act not under Sec.271AA of the Act as there is no dispute about maintenance of documents except delay in furnishing the details and relied on the decision of Co-ordinate Bench in the case of ITO vs. PPN Power Generating Co. (P) Ltd in ITA No.774/Mds/2007, dated 21st October, 2011 and pleaded for deletion of penalty. 6. Contra, the ld. Departmental Representative relied on the order of the Assessing Officer and the findings of the Commissioner of Income Tax (Appeals) and supported his arguments that penalty shall be exercisable u/s.271AA of the Act and prayed for dismissal of appeal. 7. We heard the rival submissions of both the parties a....
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....company appeared on various dates and discussed the case. The ld. Authorised Representative filed paper book containing the rejection of adjournment petition filed and also marriage invitation card of ld. Authorised Representative son's to prove that there is a bonafide delay which is not wonton and reasonable. The ld. TPO has not made upward adjustment of Arms Length price in order u/sec 92CA of the Act and the same was brought on record by the Assessing Officer in the assessment order r u/s.143(3) r.w.s 144(c) of the Act. We are of the opinion that reasons specified by the assessee in not filing the said information u/s.92CD within 30 days looks genuine considering the technicalities of Transfer Pricing as the Auditor has to explain an....