2021 (6) TMI 447

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.... of the case. 2. The Ld. Commissioner of Income Tax (Appeals) grossly erred in deleting the penalty levied u/s. 271G of the IT Act. 3. The Ld. Commissioner of Income Tax (Appeals) grossly erred in allowing the ground in favour of the assessee ignoring the provisions of Section 92D of the Act as well as Rule 10D of the Income Tax Rules. 4. For these and such other grounds as may be urged at the time of hearing, the order of the Ld. CIT(A) may be vacated and that of the AO restored. 5. The appellant craves to add, amend, alter or delete any of the above ground of appeal during the course of appellate proceedings before the Hon'ble Tribunal." 2. In this case, the assessee had entered into internationa....

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.... not disturbed by the TPO. The assessee had further submitted that the basic purpose for furnishing the documents specified u/s. 92D r.w.r. 10D is to justify the ALP with regard to international transactions entered into during the year under consideration by the assessee and when that has been determined and has not been disturbed by the TPO's order then non filing of such documents before the Assessing Officer is merely a technical hitch for which no prejudice is caused to the Revenue. 4. That further the assessee had contended that the principles of natural justice demands that the notice issued to the assessee for proceedings u/s. 274 r.w.r. 271G in respect of section 92D(3) of the Act that such notice should contain the names of....

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....cifically the penalty notice issued u/s. 274 r.w.s 271G in respect of section 92D(3) of the Act, decision of the Hon'ble Delhi High Court (supra.) and the explanation of reasonable causes by the assessee. We find that the finding of the Ld. CIT(Appeals) is in order. The TPO has accepted the ALP of the assessee in respect of the international transactions. The basic requirements of the provision for filing documents u/s. 92D r.w.r. 10D of the Rules is with regard to enabling the Department for determination of the said ALP. In any case when the Assessing Officer has referred the matter to the TPO ultimately all the documents would had to be examined by the TPO and in this case he has done that. Therefore, non-filing of such documents bef....