Penalties Justified for Non-Compliance with Sections 271(1)(c), 271AA of Income Tax Act; Section 92D Report Mandatory.

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....Penalty u/s 271(1)(c) & 271AA - It is mandatory requirement to obtain an independent accountant’s report/documents in respect of specified domestic transactions with Associated Enterprises as per Section 92D of the Act and this mandate cannot be diluted by the so called reasonable cause given under Section 273B - AO was right in imposing the penalty - AT....