TaxTMI 
TaxTMI 
2024 (7) TMI 964
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....der was emanated from the order of the learned Dy. Commissioner of Income Tax, Circle 11(2)(2), Mumbai (in short, 'the Act'), order passed under Section 271(1)(c) of the Act, date of order 29^th November, 2016. 02. The assessee has taken following grounds of appeal:- "The grounds stated here under are independent of, and without prejudice to one another. Transfer Pricing In the order dated 4 November 2023 passed under section 250 of the Income-tax Act, 1961 ('the Act"), the Commissioner of Income-tax (Appeals), Mumbai (hereinafter referred to as the "CIT[A]') has erred on facts and in law in upholding the levy of penalty of Rs. 8,811,560. Ground No. 1. On the facts and in the circumstances of t....
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....rm's length price of the international transactions under dispute was computed by the Appellant in accordance with the provisions of Section 92C of the Act. Ground No. 6-On the facts and in the circumstances of the case and in law, the Hon'ble CIT(A) erred in upholding /confirming the action of the Learned AO in erred in appreciating that the additions made in the assessment order is merely difference of opinion between the Appellant and the Learned AO/TPO in computing the arm's length price of the international transactions entered into by the Appellant. Ground No. 7-On the facts and in the circumstances of the case and in law, the Hon'ble CIT(A) erred in upholding /confirming the action of the Learned AO ....
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....ricing Officer during the impugned assessment year and addition was made after the final assessment order amounting to Rs. 2,59,23,978/-. The proceeding under Section 271(1)(c) read with section 274 of the Act was initiated and penalty levied of Rs. 88,11,560/-, which is 100% of the amount of tax sought to be evaded. The specific reasons of penalty whether 'concealment' or 'inaccurate particulars of income', not duly mentioned during the penalty proceedings and also during the issuance of notice under Section 271(1)(c) read with section 274 of the Act. Aggrieved assessee filed an appeal before the learned CIT (A). The learned CIT (A) upheld the penalty order. Being aggrieved, assessee preferred the appeal before us. 04. The learned Autho....
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....ce is duly reproduced below: - "NOTICE UNDER SECTION 274 READ WITH SECTION 271(1)(C) OF THE INCOME TAX ACT. 1961. PEN./ PAGE NO. 2012-13 DATE 12.05.2016 ΡΑΝ ΝΟ. ΛAACR1966M TO, M/S. SNC-Lavalin Engineering India Pvt. Ltd. 2nd Floor, A Wing, Trade Star, J.B. Nagar, Kondivita Lane, Andheri-Kurla Road, Marol, Andheri (E), Mumbai- 400 059. Sir/Madam, Whereas in the course of proceedings before me for the Assessment year 2012-13 it appears that you have concealed the particulars of your income or furnished inaccurate particulars off such income. You are hereby requested to appear before me on 15/06/2016 at 11.45 AM/PM ....
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....documents available on record. During the hearing, the learned Authorized Representative explained that the addition was made on the basis of the estimation of manpower related to Associated Enterprises and non-related Associated Enterprises. So, the impugned addition was made on the estimation which is not attracted the penalty under Section 271(1)(c) of the Act. But the learned Authorized Representative only pressed the ground no. 1 and 2 related to legal issue for issuance of notice under Section 271(1)(c) read with section 274 of the Act, which is defective for non-mentioning of the reasons of penalty. The assessee made an objection during the penalty proceedings and also in the appellate proceedings. The grounds were taken before the l....