2015 (11) TMI 1622

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s supported by an affidavit. We have considered the contents of the affidavit. In our considered opinion the assessee was prevented by reasonable and sufficient cause for not filing the appeal on time. Therefore, the delay is condoned and the appeal is admitted. 2. The sole grievance of the assessee relates to the penalty levied under section 271(1)(c) of the Income Tax Act, 1961 ( in short 'the Act') on account of upward pricing adjustment made by the Assessing Officer. 3. The roots for the levy of penalty lie in the assessment order dated 1/3/2013 made under section 143(3) r.w.s. 144C(3) of the Act. 4. The assessee is engaged in the business of providing investment advisory services. For its international transactions, transfer p....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....as of the firm belief that Explanation-1 to section 271(1)(c) of the Act squarely apply and, therefore, concluded by levying penalty under section 271(1)(c) of the Act for furnishing inaccurate particulars of income. 7. The assessee carried the matter before Ld. CIT(A) but without any success. 8. Before us, the Ld. Counsel for the assessee reiterated what has been stated before the lower authorities. It is the say of the Ld. Counsel for the assessee that assessee's transfer pricing study report was based on a study conducted by an independent expert and the expert justified the pricing as arm's length price using TNMM method. It is the say of the Ld. Counsel for the assessee that in so far as the transfer pricing additions are concern....