2022 (10) TMI 171

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....#39;The Act']. 2. The sum and substance of the grievance of the Revenue is that the ld. CIT(A) erred in deleting the penalty levied by the Assessing Officer u/s 271AA of the Income-tax Act, 1961 [hereinafter referred to as 'The Act']. 3. The representatives of both the sides were heard at length, the case records carefully perused and relevant documentary evidences brought on record duly considered in light of Rule 18(6) of ITAT Rules. 4. At the very outset, the ld. DR drew our attention to the decision of the co-ordinate bench in assessee's own case in ITA Nos. 3529/DEL/2015 for Assessment Year 2006-07 and 3530/DEL/2015 for Assessment Year 2008-09 and pointed out that similar quarrel has been decided by the Tribunal in....

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....Act and levied penalty @ 2% of value of each international transaction entered into by it. 9. When the penalty order was assailed before the ld. CIT(A), the ld. CIT(A) found that this Tribunal, vide order dated 26.10.2015 has disposed of the appeal of the assessee by observing as under: (i) That the facts of the case for the assessment year under consideration are identical to those of the AY 2006-07 wherein the Hon'ble Tribunal has decided the identical issue against the Appellant on Fixed Place PE under Article 5{1) of the DTAA. Following the above finding, the Tribunal held that the Appellant has a Fixed Place PE in India in terms of Article 5(1) of the DTAA. (ii) That the Hon'ble Tribunal in its order in the....

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.... in Form 3CEB. 12. We find that even the TPO, while framing order u/s 92CA3 of the Act has admitted that TP documentation containing functional and economic analysis prescribed u/r 10D of the Rules were submitted and placed on record. 13. The TPO, while framing the order conclusively held that on the basis of documentation produced, no adverse inference is drawn in respect of international transactions undertaken by the assessee during the F.Y. 2008-09. 14. We have carefully perused the assessment order. There is no dispute that the assessee has maintained requisite documentation in respect of its reported international transaction of FTS and FIS and has also furnished details of various documentations maintained by it. We further ....