2018 (11) TMI 1935

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.... For the Respondent : Shri Rohan Poddar, Advocate ORDER Per Shri P.M. Jagtap, Vice-President (KZ):- This appeal is preferred by the Revenue against the order of ld. Commissioner of Income Tax (Appeals)-16, Kolkata dated 06.07.2017 whereby he cancelled the penalty of Rs. 8,68,77,800/- imposed by the Assessing Officer under section 271AA of the Income Tax Act, 1961. 2. The assessee in....

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....as stated to have been drawn up on 28.11.2011. On the basis of the information contained in the said report, the Assessing Officer held that the assessee had failed to report the international transactions with its Associated Enterprises and had also furnished incorrect information in the return of income with reference to the said transactions. He accordingly invoked the provisions of section 271....

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....d also perused the relevant material available on record. It is observed that the penalty in this case was imposed by the Assessing Officer under section 271AA of the Act, the provisions of which as applicable to the year under consideration were as under:- "271AA- Penalty for failure to keep and maintain information and document in respect of international transactions - Without prejudic....

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....o report such transaction which he is required to do so; or (iii) maintains or furnishes an incorrect information or document, the Assessing Officer or Commissioner (Appeals) may direct that such person shall pay, by way of penalty, a sum equal to two per cent of the value of each international transaction entered into by such person". 5. A perusal of the penalty order passed by the As....