High Court Rules No Penalty for Non-Disclosure u/s 271AA; Reasonable Cause Shown for Related Party Confusion.

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....Penalty u/s 271AA - failure to make disclosures, as required u/s 92E - as to whether SPMCECL was a related party is an issue qua which there can possibly be more than one view. Assessee has taken a stand that the legal advice that it received seems to indicate that it was not a related party. CIT(A) has done its own analysis of the Chinese Law and concluded that it was a related party to the transaction and hence required disclosure. - No penalty being reasonable cause shown - HC....