TaxTMI 
TaxTMI 
2025 (5) TMI 1575
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....ed in deleting the penalty levied u/s 271AA of the Act even though the assessee failed to file Form 3CEB as mandated u/s 92E of the Act within the time prescribed u/s 139(1) of the Act? 2) Whether on the facts and circumstances of the case and in law, the ld. CIT(A) erred in deleting the penalty levied u/s 271AA of the Act even though the assessee failed to report internation transactions for the A.Y; 2016-17 which assessee failed to report international transactions for the A.Y. 2016- 17 which came to light during the course of survey operations conducted u/s 233A of the Act? 3) Whether on the facts and circumstances of the case and in law, the ld. CIT(A) erred in deleting the penalty levied u/s 271AA of the Act for the reason that the....
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..... Rule 10D of the I.T. Rules, 1962. The learned CIT (A) deleted the penalty levied u/s 271AA of the Act while passing the impugned order. 4. Before the Tribunal, the learned DR has submitted that the survey was conducted in the case of the assessee on 28/02/2016 whereas the assessee has filed the return of income on 16/10/2017 but neither the assessee has filed the report in Form No.10CEB nor the assessee was maintaining the requisite documents record and information. He has referred to the order of the TPO and submitted that in response to the notice issued u/s 92CA(2), the assessee furnished only a copy of the audit financial computation of the total income, tax audit report and return of income, but has not furnished the transfer pricin....
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.... no failure on the part of the assessee. He has also referred to the penalty order passed by the Assessing Officer u/s 271BA of the Act for failure on the part of the assessee to file the report in form 3CEB. Thus, the learned AR has submitted that the learned CIT (A) has given the findings based on the fact as recorded by the TPO. 6. We have considered the rival contentions as well as the relevant material available on record. The penalty u/s 271AA of the Act is leviable in case of failure on the part of the assessee to maintain, keep and furnishing of the information and documents as required u/s 92D of the Act r.w.s. Rule 10D of the I.T. Rules, 1962. All these records, information and documents are required to be maintained by the asses....
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....s. 33.22 crores. For this, the taxpayer stated that no separate benchmarking is required for this as the principal transaction itself was benchmarked." 7. Thus, it is evident from the order of the TPO that the assessee submitted the transfer pricing document which were required to be maintained and furnished as and when called for by the tax authorities. The failure of the filing of the report in Form 3CEB attracts separate penalty u/s 271AB of the Act. Therefore, the non-filing of the report in Form 3CEB cannot lead to the conclusion that the assessee has not maintained the requisite documents prescribed u/s 92D r..w rule 10D of the IT Rules, 1962. By considering these facts, the learned CIT (A) has deleted the penalty as under: In the ....