2025 (4) TMI 274

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....r the Respondent : Shri Sahil Kumar Bansal, Sr.DR ORDER PER PRADIP KUMAR KEDIA, AM : The captioned appeal has been filed at the instance of the assessee seeking to assail the First Appellate order dated 28.01.2019 passed by Commissioner of Income Tax (A)-XXV, New Delhi ["CIT(A)"] under s. 250(6) of the Income Tax Act, 1961 ["the Act"] arising from the assessment order dated 29.08.2017 passed un....

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....1AA, the penalty under s. 271AA is inter-alia liable to be imposed where the assessee maintains or furnishes incorrect information or documents. This sub-clause (iii) has been inserted w.e.f 01.07.2012 and is not applicable to record maintained prior thereto; (ii) the difference in the value of the international transaction carried with its Associated Enterprise ("AE") is on account of insurance....

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....ing the obligation of the assessee were not existing at the time of preparation of records. This ground alone is sufficient to drop the penalty of strict nature. 6. Besides, the imposition of penalty under s. 271AA is not automatic and dependent upon the discretion of the AO. Needless to say that such statutory discretion requires to be exercised in a fair and objective manner having regard to th....