2018 (5) TMI 1889

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....is is an appeal filed by the assessee against the order of the CIT(A)-4, Jaipur dated 06/02/2018 for the A.Y. 2014-15 in the matter of imposition of penalty U/s 271BA of the Income-tax Act, 1961 [hereinafter referred to as 'the Act', for short]. 2. Rival contentions have been heard and record perused. From the record I found that the assessee has obtained the audit report as prescribed U/s 92E ....

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....ssed to income tax and regularly filing their income return. Since each and every transaction with related concern have been recorded properly, arm length price (ALP) can easily be determined and verified. 3. However, the Assessing Officer levied the penalty U/s 271BA of the Act for the delay in filing uploaded audit report prescribed U/s 92E of the Act. It was contention of the ld. AR that the....

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....B in time and it was a venial and technical default not attracting penal ty U/s 271BA." Similarly the ITAT, Kolkata Bench in the case of J.J. Exporters ltd. Vs DCIT (2012) 51 SOT 0069 (URO) has held as under: "Assessment year under consideration being the first year of assessee's international business, there was reasonable ground for the lapse on i ts part in not filing the statutory ....